Thursday, 28 August 2014
Last updated 12 hours ago
Jul 23 2012 | 11:22am ET
The two top executives at UBS' disastrous hedge fund foray Dillon Read Capital Management have left the investment boutique they launched after Dillon Read's collapse.
John Costas, who led Dillon Read, and Michael Hutchins, the hedge fund's chief investment officer, have left PrinceRidge, the fixed-income shop they co-founded in 2009. The head of the firm that bought a majority stake in the firm has taken the helm.
Institutional Financial Markets CEO Daniel Cohen was named chairman and CEO of PrinceRidge. IFM invested $45 million in PrinceRidge last year.
"IFMI and the PrinceRidge board of managers believe this management transition is in the best interest of the company's shareholders, clients and employees," Cohen said.
Both Costas and Hutchins have sold their partnership interests in PrinceRidge for $4.1 million each, IFM said. The two have entered into separation agreements with the firm, IFM said in a regulatory filing.
Costas, Hutchins and former Dillon Read trader Matthew Johnson set up the firm three years ago, two years after UBS pulled the plug on Dillon Read after some $3 billion in losses.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...