Tuesday, 21 October 2014
Last updated 4 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...