UBS has hired a Goldman Sachs partner as its fourth global head of fixed income, currencies and commodities since August of last year after the Swiss firm has admitted that aggressive expansion by the investment bank into structured products and debt was partly to blame for its billions of dollars in losses.

Carsten Kengeter will join UBS from Goldman Sachs early next year and relocate from Hong Kong to London. At Goldman, Kengeter was a partner and co-head of Goldman Sachs' securities division for Asia ex-Japan, with responsibility for all FICC products.