Monday, 20 October 2014
Last updated 2 days ago
Feb 25 2009 | 11:53am ET
The former heads of UBS’s failed hedge fund business are joining forces once again. John Costas and Michael Hutchins, long-time UBS executives who set up Dillon Read Capital Management three years ago, are to found a boutique firm with a broker-dealer arm and a proprietary trading desk, according to Bloomberg News.
The new firm is tentatively dubbed VinsonForbes. In addition to Costas and Hutchins, ex-Dillon Read trader Matthew Johnson is setting up the new firm.
Costas joined UBS in 2001 to run its investment bank, and moved its proprietary trading desk to Dillon read in 2005. The creation of Dillon Read—which would up costing UBS $3 billion—was widely seen as a bid to hold on to Costas, who had been considering leaving the firm to found his own hedge fund. UBS pulled the plug on Dillon Read two years ago, after the hedge fund was battered by the subprime mortgage market collapse.
Hutchins served as president and chief investment officer of Dillon Read, after leading UBS’ fixed-income unit, and last year started his own hedge fund firm, BlueHawk, with 15 other Dillon Read vets. It is unclear what the future holds for BlueHawk, if anything.
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 ...