UBS hires Credit Suisse high-yield pro

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UBS Global Asset Management has hired Mark Melchiorre, a former senior member of Credit Suisse Group’s high-yield team, as the head of O’Connor Credit Strategies.

“With the current downdraft in credit markets and Mark’s leadership, we feel it is a good time to build the business,” said Joseph Scoby, global head of the alternative and quantitative investments group.

Melchiorre, in his new role as managing director, will work on expanding O’Connor’s trading strategies.

O’Connor, the key hedge fund specialist within the UBS alternative and quantitative investments group, manages more than $7 billion in a family of single-manager funds.—EB