The head of sterling-denominated bonds at the asset management arm of UBS is leaving as the Swiss bank reorganises its UK fixed-income team following what one consultant called “unacceptable” performance over the year to April.

Nic Barnes has resigned from UBS Global Asset Management after a difficult trading period in which the group's core UK bond portfolio lost 17.9%, according to figures from the group, putting it in the bottom 25% of its peer group.