UBS has hired Drew Allan from Citigroup as head of European asset-backed securities syndicate to replace Dan Cook, who resigned from the Swiss investment bank in March.

Allan was previously a member of the European asset-backed syndicate team at Citigroup, where he worked for seven years, focusing mainly on the subordinated asset-backed market. Among the high-profile deals he worked on at Citigroup was the £1.8bn (€2.6bn) securitisation of British Telecom's fixed line network, which was launched at the end of 2001.