UBS has made a big hire in fixed income

Scott Francoeur, the former head of emerging markets credit sales at Morgan Stanley, has joined UBS, according to people familiar with the situation.

He has joined as head of emerging markets distribution for foreign exchange, rates, and credit in the Americas, according to the people.

He will report to Daniel Swasbrook, head of macro distribution for FRC in the Americas.

A spokeswoman for UBS confirmed the hire.

Business Insider reported in December that Francoeur was leaving Morgan Stanley as part of a round of job cuts at the US bank.

James Gorman, CEO at Morgan Stanley, later said on the bank’s fourth-quarter earnings call that the bank had chosen to make fixed income a more US-focused business.

“We’re reducing our exposure to liquid rates. We’ve never been a major FX trader and we’ve focused on the major currencies there, not the non-G10 currencies,” he said. “The net of it will be more of a US-focused business, a slimmer business when it comes to some of the macro products.”