Dillon Read CIO Prepping Hedge Fund

May 5 2008 | 12:27pm ET

The first top executive from defunct UBS hedge fund Dillon Read Capital Management has resurfaced with his own hedge fund shop.

Mike Hutchins, who served as chief investment officer at Dillon Read, has founded a hedge fund called BlueHawk, Financial News reports. The new firm reportedly employs some 15 Dillon Read veterans.

UBS shuttered Dillon Read a year ago—just over a year after it set the group up in an effort to hold on to investment banking CEO John Costas—after it posted US$150 million in subprime-linked losses. Costas left UBS late last year.

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