One of UBS' top fixed-income executives in the US has left the firm and is investing in marijuana and opening up gyms instead
- A senior executive in UBS' fixed-income business in the US has left the firm.
- Daniel Swasbrook, formerly the head of foreign exchange, rates, and credit (FRC) distribution in the Americas, left toward the end of 2018.
- Now he's moved to California and is opening up gyms and investing in the cannabis sector, according to his LinkedIn profile.
A senior executive in UBS' fixed-income business in the US has left the firm, and instead has moved to California to open up gyms and invest in the marijuana and cannabis space.
Daniel Swasbrook, formerly the head of foreign exchange, rates, and credit (FRC) distribution in the Americas, left toward the end of 2018, according to FINRA records and people familiar with the matter.
Around that time, according to his LinkedIn profile, he became an owner of several F45 Training franchises, a health and fitness chain with 1,300 locations around the world that focuses on "high-intensity group workouts," as well as an investor in the marijuana and CBD space.
UBS veteran Mark Ratcliffe has been promoted to take over Swasbrook's role, the people said.
Swasbrook joined UBS in 2015 from Deutsche Bank, where he spent most of his career, as ex-investment banking chief Andrea Orcel was seizing an opportunity to rebuild the firm's FRC operation.
UBS' fixed-income business, which pulled in $2 billion in 2015, has lost ground since then, but revenues did climb to $1.6 billion in 2018, a 16% improvement from 2017.
Swasbrook did not respond to requests for comment.
A spokeswoman for UBS declined to comment.
Sign up here for our weekly newsletter "Wall Street Insider," a behind-the-scenes look at the stories dominating banking, business, and big deals.