UBS Investment Bank will take on more risk in an attempt to earn a top-five ranking in global leveraged finance as part of an aggressive push in fixed income.

Huw Jenkins, chairman and chief executive, said the group would improve its league table ranking in global leveraged finance as part of a wider push in fixed income. Speaking at the Banking and Financial Services Investor Conference, he said: "We aspire to be close to or in the top five in the next 12 months." Under Jenkins, UBS, one of Europe's most conservative banks, has more than doubled its lending limits to compete with rivals providing leveraged loans to private equity firms for buyouts. "Leveraged finance is key to our relationship with financial sponsors," Jenkins added. He said UBS had to make up a $4.6bn (€3.6bn) revenue gap to become a top-three institution in fixed income, rates and commodities. The bank lags its rivals in fixed income and a poor performance in trading dragged down profits by 22% in the third quarter.