The firm is recommending investors continue to buy five-year U.S. sovereign debt, even as the securities head for their worst month since February of last year.

The new recruit is joining Corient Capital, an independent firm founded a year ago by ex-Merrill Lynch advisers.

Strategists across Wall Street have been paring back 2016 calls on benchmark Treasury yields, as expectations for global economic growth decline and central banks in Europe and Asia introduce additional policy easing.

U.S. banks operating in the U.K. may have to deal with new sets of financial regulations — a process that will take time and create more uncertainty.

The S&P 500 has fallen 9% since the start of the year as investors have punished stocks over worries about interest rates at home and the economy in China.