Current news for this fund:
Dillon Read Capital Management (UBS) - Subprime ABS
Count of distinct funds: 1
UBS' Dillon Read Capital Management, founded a mere two years ago in June 2005 by , has been shutdown after suffering a 150 million Swiss Franc loss in the first quarter of 2007. Regarding the reasoning behind Dillon Read's closure, Reuters reported:
UBS estimated restructuring costs related to dissolving Dillon Read will be around $300 million.
Subsequent to the shutdown UBS replaced CEO Peter Wuffli with his deputy Marcel Rohner.
Regarding the closure of Dillon Read, the New York times noted:
According to hedgeweek Dillon Read will continue to operate until it is integrated back into UBS, which they expect will be in Q3 2007. Hedgeweek quoted Chairman and CEO of UBS Global Asset Management on the closure:
efficiency at 20:27 2008-10-25 said:Interesting name for a hedge fund. Dillion Read was a retail brokerage firm that "expired" around 1970. But not as interesting as 200 million in severance for such decision-making and consequent performance. Permalink
Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately.
Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.