Saturday, 30 August 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...