Wednesday, 25 November 2015
Last updated 1 hour ago
Jul 6 2007 | 11:33am ET
UBS has fired CEO Peter Wuffli, who had championed the firm’s failed in-house hedge fund, it said yesterday.
Wuffli “relinquishes all of his functions at UBS,” which in addition to suffering big losses at hedge fund Dillon Read Capital Management has seen three straight quarters of declining earnings, and posted a 13% drop in profits last year.
UBS announced plans to shutter Dillon Read in May, after the hedge fund lost 150 million Swiss francs (US$123.3 million) in the volatile U.S. mortgage market. Closing the unit will cost the Swiss bank a further US$300 million.
Deputy CEO Marcel Rohner was named Wuffli’s successor. A bid by current UBS Chairman Marcel Ospel to have Wuffli replace him was rejected; Ospel agreed to stay on for another three years.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…