Morgan Stan hires former UBS executive

MORGAN Stanley has snapped up a senior banker from Swiss bank UBS.

Ashley Jarvis, who was the global head of business and capital consultancy for UBS, will start for Morgan Stanley in Hong Kong before moving to London for the US bank. He quit last month, following a string of senior prime services bankers out of the door.

Meanwhile, UBS yesterday acknowledged that its former employees in its municipal bond reinvestment desk broke the law, and agreed to pay $160m to US federal and state agencies, the Justice Department said. UBS said the probe focused on the actions of the municipal reinvestment and derivatives group from 2001 to 2006.