Saturday, 28 March 2015
Last updated 17 hours 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.
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…