Adam Phillips, deputy head of European equity trading at UBS, has retired after 10 years at the bank. Nick Holtby, head of European trading, will assume Phillips' responsibility and retain his current role.

UBS was the leading pan-European brokerage for trading in the Thomson Extel Survey awards for 2003, and was named the overall best broker for the third consecutive year. The bank won five out of the 15 categories for trading and execution in the survey: best execution for portfolio trading, overall service for sales trading, agency execution, market knowledge and price improvement.