The global head of cash equities at UBS is to leave after nearly 18 years at the Swiss bank, Financial News has learned.

Phil Allison, who first joined UBS as a graduate trainee in 1997 and was head of its equities business for Europe, the Middle East and Africa along with a global cash role, has left the bank with immediate effect, according to an internal memo sent out today by Mike Stewart, UBS's global head of equities.