UBS India, the local subsidiary of Swiss banking giant UBS, has named a new head for its fixed income business.

Effective immediately, Nitin Jain becomes head of fixed income, currencies and commodities for India, reporting to Thomas Siegmund, the head of the Asia ex-Japan fixed income, currencies and commodities business at UBS. He also reports to Aashish Kamat, chief executive of UBS in India.

Jain was previously the co-head of Nomura's fixed income business in India. He began his career in the fixed income sales and trading unit of ICICI Securities in 1994. In 2008, he left the company to set up his own portfolio management business, Decuple Fin Sec, which services high net worth individuals.

He left Nomura in June, leaving co-head Neeraj Gambhir as the sole head of the Japanese firm's fixed income unit.