Dillon Read | John Costas | Hedge Fund Notes

Dillon Read Hedge Fund

Dillon Read | Hedge Fund Notes

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Resource #1: The US subprime market claims another victim. Dillon Read, the hedge fund started by UBS just 2 years ago, is being shut down by the Swiss bank after incurring 150 million francs in losses primarily from the subprime market. Dillon Read Capital Management’s first fund raised $1.3bn in 2006, although there is no word yet on how rapidly capital will be able to be returned to investors. UBS does plan to pay an additional $300mm in shut down costs. This is seen as UBS’ largest hedge fund gaffe since LTCM in 1998, when the bank incurred almost $700mm in losses.

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Tags: Dillon Read, Dillon Read Hedge Fund, UBS, UBS Hedge Fund, John Costas, William Brown, John Larum, Joe Scoby, hedge funds, hedge fund

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