Tuesday, 25 November 2014
Last updated 6 hours ago
May 15 2007 | 10:56am ET
UBS will be out of the hedge fund business sooner than later, the bank said today. Investment banking chief Huw Jenkins told investors at a conference in New York that Dillon Read Capital Management will be completely folded into the investment bank within a few months.
“We said the integration could take up to 12 months,” Jenkins said, adding, “from a practical point of view, I think it will be over and done within a couple of months.”
Dillon Read—founded less than two years ago and run by former UBS investment banking chief John Costas—had lost money for three straight quarters, including a $123 million loss in the first quarter on mortgage-backed securities trades. Jenkins noted that the hedge fund accounted for about 25% of the investment bank’s value-at-risk, and that UBS found it overly complicated to manage its own money alongside that of third-party investors.
Understandably, Jenkins noted that his focus this year will be to keep costs down.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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