Together with Carsten Kengeter he 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, formerly with Bear Stearns, will be based in New York and Stamford and report to Jerker Johansson, chairman and chief executive officer of UBS Investment Bank. Mr Mayer will also join the investment bank executive committee and the UBS group managing board.