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 [ZT] UBS hedge fund unit to close due to 120M+ trading loss |
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sapientaf
头衔: 海归上校
声望: 学员
性别: 
加入时间: 2006/08/20
文章: 821
来自: 弯曲，上海，班格罗尔，北京，新加坡
海归分: 83000
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作者：sapientaf 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
It was a bad idea from the start. Two years ago, when the world obsessed about hedge funds in the way it does about private equity today, UBS (NYSE:UBS) created Dillon Read Capital Management.
Analysts and investors' eyebrows rose immediately. Firstly it seemed as though the Swiss bank was creating a plaything for John Costas, then its global head of investment banking who may, or may not, have been about to walk. Second, there were concerns about structure. DRCM managed the fixed income funds that used to be run in-house, alongside third party assets. The regulatory issues, particularly regarding conflicts of interest were obvious. Finally, the hoopla surrounding the whole venture - the glitzy offices and rumoured pay packages - was over-the-top.
On Thursday UBS announced that DRCM would be closed down following a $123m trading loss in the first quarter of 2007, apparently related to sub-prime woes in the US. For UBS to pull the plug so quickly, as well as incurring a $300m restructuring charge, indicates that there must have been insurmountable problems and that initial fears were well founded. Many will baulk at the cost of this misadventure - probably in excess of $500m - not to mention the hit to credibility. But management should be applauded for admitting its mistake so quickly, and the one-off hit is worth less than one percent of UBS's market capitalisation
- Financial Times
作者：sapientaf 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [ZT] UBS hedge fund unit to close due to 120M+ trading loss -- sapientaf - (1419 Byte) 2007-5-04 周五, 00:57 (571 reads)
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