UBS is shuffling its prime broking personnel after Matt Pecot, who was in charge of the Asian business, has been relocated to New York to head the bankÆs US operation. Pecot is being replaced by David Gray who will move from Sydney to Hong Kong to take up the post.

Gray has been developing UBSÆ prime broking business in Australia since 2001, implementing a front-to-back platform and heading the bankÆs sales efforts. At the beginning of last year, he took on additional responsibilities, assuming the title of head of prime services, and overseeing the integration of ABN AMROÆs futures business into UBS.

He has been with Swiss bank since 1994.

GrayÆs role in Australia will now be filled by his colleague Colin Taylor who relocated from London to Australia in 2002. Gray and Taylor have worked together for the past five years building the bankÆs stock borrow team, growing its equity franchise and expanding its exchange-traded derivatives business.

Taylor joined UBS in London in 1998 and was a member of the synthetic swaps, equity finance and prime brokerage teams before moving to Australia.

ôIt is a testament to the breadth and depth of talent available to us in the Asia-Pacific that we can promote from within,ö says Chi-Won Yoon, head of Asian equities. ôDavidÆs track record in building the Australian business is the ideal qualification for him to bring to his new role of developing our ever-growing Asian business.ö

YoonÆs counterpart in Australia, Gerard Satur, says TaylorÆs appointment as head of the local prime broking business is a logical progression. ôI am confident that ColinÆs in-depth knowledge of the prime brokerage business and his understanding of the highly complex needs of the hedge fund community in particular will maintain the substantial momentum of our business in Australia.ö