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(Bloomberg) -- Shiv Prakash, a high-yield debt analyst on the trading desk at UBS AG, left the firm to join hedge fund Silver Point Capital LP, according to two people with knowledge of the matter.
Azar Boehm, a New York-based spokesman for Switzerland’s biggest bank, confirmed the departure in an e-mail. Prakash will work with the Silver Point credit team, according to the people, who asked not to be identified because the hiring hasn’t been announced.
Prakash took over the role of Howard Weinberg, another debt analyst at UBS, who left for New York-based hedge fund Shenkman Capital Management Inc. last year. Other departures from UBS’s fixed-income team in 2014 included Brad Mazur, the head of structuring in the U.S., and Yoshiaki Sasamura and John Gerard Toland, both managing directors.
Investment banks have been scaling down as regulatory restrictions have reduced their risk-taking abilities and curtailed profitability. Hedge funds, which are not burdened by the same kind of restrictions, have stepped in to hire executives away from the biggest banks.
Silver Point, which specializes in distressed debt, was founded by former Goldman Sachs Group Inc. employees Edward Mule and Robert O’Shea and manages about $8.5 billion in assets. Adam Weiner, a spokesman for the firm at Kekst & Co., declined to comment.
Prakash had been with UBS since 2008, and covering credit since 2010. He earned a bachelor’s degree from the Wharton School at the University of Pennsylvania, according to his LinkedIn profile.
--With assistance from Mary Childs in New York.
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