Friday, 9 October 2015
Last updated 2 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.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…