UBS has appointed Jeffrey Mayer as the new joint global head of the fixed income, currencies and commodities business within its investment bank.

With the recently announced joint global head of fixed income, currencies and commodities (FICC) Carsten Kengeter, Mr Mayer will have responsibility for all fixed income products including credit fixed income, rates, structured products, emerging markets, foreign exchange, commodities, securitized products, client coverage and research.

Mr Mayer will be based in New York and Stamford and report to Jerker Johansson, chairman and CEO of UBS Investment Bank. He will also join the investment bank executive committee and the UBS group managing board.

Mr Mayer was most recently the global co-head of fixed income at Bear Stearns and a member of Bear Stearns management committee.

Mr Johansson said: Jeff’s experience leading a global fixed income operation, deep product knowledge and proven ability to manage risk will be a great asset to the business. Given UBS’s wide geographic footprint and the range of products within FICC, we are pleased to have both Jeff and Carsten on board leading the business.