Friday, 27 March 2015
Last updated 9 min 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…