Monday, 29 December 2014
Last updated 1 hour 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.