UBS has handed a Brazilian the reins of its fixed income division to drive an "ambitious step change" in its market share, less than 15 months after he joined as the Swiss banking group's youngest regional head.

UBS has appointed Andre Esteves as global head of fixed income on top of his additional role as chairman and chief executive of its Latin American business. UBS bought Banco Pactual, where Esteves was managing partner, in May 2006.