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UBS appointed Chris Hagstrom and Mike Pasquale co-heads of Americas equities distribution as the bank looks to regain market share in global stock trading.

Bloomberg News reports that Billy Mathews, hired from Deutsche Bank in March, was named head of U.S. cash equities trading, according to an internal memo obtained by Bloomberg News disclosing the appointments.

Derek Capanna from Deutsche Bank will start in October as global head of equities distribution, the memo said, confirming a report on his hire last week.

In the meantime, Bloomberg also reports that UBS is set to expand in mainland China, shrugging off the country’s stock market implosion as it pursues plans to open a branch for the wealthy in Shanghai this year.

'We need to get a foothold there first', she said by phone from Hong Kong. 'It’s really to establish our presence, establish our brand in China'.

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