Yassine Bouhara, a former UBS executive who co-led the bank's equities team at the time of its 2011 rogue trading scandal, is to set up a brokerage and advisory business focusing on Africa.

Bouhara, who was never accused of any wrongdoing during the Kweku Adoboli scandal, wants to hire over 30 staff and open offices in Paris, Dubai, and Algiers, with plans for a London office also in the pipeline, he told Financial News. The venture will primarily focus on brokerage and advisory services in French-speaking Africa, with plans to branch into asset management and private equity.