Thursday, 25 December 2014
Last updated 1 day ago
Jul 23 2007 | 12:34pm ET
Another continental banking giant may face hedge fund calls for a breakup, after the Sunday Times revealed Harris Associates’ “secret” $1 billion stake in UBS.
The $73 billion Chicago hedge fund, run by David Herro, now owns roughly 1% of UBS. The Sunday Times also reports that London-based hedge fund Lansdowne Partners has also built a significant stake in the troubled Swiss bank.
Analysts, experts and investors, echoing London hedge fund The Children’s Investment Fund’s efforts to break up Dutch banking giant ABN Amro, have called on UBS to split its investment banking and asset management divisions to help improve its disappointing performance. Earlier this year, UBS took a US$300 million hit when it shut down its hedge fund unit, Dillon Read Capital Management, for its dismal performance, and two weeks ago fired CEO Peter Wuffli.
Harris Associates is perhaps best known for its successful campaign to boot the Saatchi brothers from their eponymous advertising agency, Saatchi & Saatchi, in 1994.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.