Two members of UBS Investment Bank’s transition management team have departed.

Cathryn Gross, who for the past year ran fixed income transitions, has accepted a voluntary redundancy after eight years with the bank. The demand for transition management in fixed interest is generally said to be quite low, with many clients switching managers preferring to have their funds sit temporarily in cash. Carolyn Neck, who joined the team on the unlisted infrastructure side six months ago, has also been let go. Nick Carrigan, head of the institutional funds group at UBS, said the transitions team was looking to do less on the unlisted infrastructure side, and had decided “the business opportunities were greater in other opportunity sets”. Carrigan said the core of the team remained largely unchanged, with four full-time members still on board.