UBS Brazil boss out in reshuffle

UBS has parted company with the 38-year-old billionaire head of its Brazilian business in its latest reshuffle.

Andre Esteves, who hit the jackpot when UBS bought Banco Pactual - in which he held a 30% stake - for almost $3 billion (£1.5 billion) in 2006, quit as chairman of UBS in Brazil to launch his own venture.

A former computer science student, Esteves worked his way up to run the bank until its acquisition by UBS.

Since then, he is thought to have become one of UBS's biggest individual investors, and was a contender to replace Huw Jenkins who was forced to step down as head of UBS Investment Bank as a result of credit woes following $37 billion of sub-prime writedowns.

Last month, Esteves returned to Brazil after UBS appointed former Morgan Stanley banker Jerker Johansson as Jenkins's successor.

Johansson also took Esteves's job as head of fixed income.