UBS expands prime brokering with hire

Joe Cavatoni, who ran Merrill''s Asian prime brokering effort, has joined UBS in Hong Kong.

UBS has expanded its regional equity finance division by hiring Joseph Cavatoni to head a new position in equities collateral trading. Cavatoni will be responsible for facilitating hedge fund clients' shorts via swaps, securities lending and other tools. He reports to Richard Johnston, the Hong Kong-based head of the division, which covers Asia, Australia and Japan.

Cavatoni arrives from Merrill Lynch, where he had run its regional prime brokering business out of Tokyo since 2000, spearheading its regional presence out of Australia. The entire prime broking team remains based in Japan. Until now, Cavatoni's finance career has been with Merrill, starting out in 1994 in the United States. He was based in Hong...

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