Bank of America Merrill Lynch has recruited a former co-head of European credit sales at UBS, as the Swiss bank's decision to close large parts of its fixed-income business offers hiring opportunities for rivals.

Michel Granchi joined the US bank on July 1, according to the UK's Financial Services Register. He is a managing director in the credit hedge fund sales team for Europe, the Middle East and Africa, according to a source familiar with his position. Granchi did not respond to a request for comment.