People News: UBS, Morgan Stanley.

Two members of a debt-focused trading unit at UBS left the firm last week following the departure of the team’s leader in January.

Bloomberg News reports that Dennis Ruggere, the global head of event-driven research, and Chris Ellis, who sought out distressed and infrequently traded assets for the group, have left.

While UBS has been shrinking its securities unit following the financial crisis, this group had been expanding, adding at least four employees last year. The team caters to global investment-firm clients including event-driven hedge funds, providing ideas and trading securities such as sovereign Greek debt and corporate bonds of Caesars Entertainment, NII Capital and HSH Nordbank.

In the meantime, Reuters reports that Ben Cross, a senior executive in Morgan Stanley's commodities trading business, is retiring, according to an internal memo seen by Reuters.

Cross is head of the global commodities hedge fund sales group and was previously global head of metals. He is a member of the commodities management committee and spent time in the bank's London and New York offices.

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