Unhedged

If you’re the world’s biggest private wealth manager, you ought to be able to make money out of a hedge fund, right? No wonder there are red faces at UBS about the hasty closure of Dillon Read Asset Management, the internal hedge fund it set up in the summer of 2005 to run part of the investment bank’s trading book alongside money the fund planned to raise from external clients. UBS made a huge song and dance about the business opportunity it had unearthed, even installing former investment ban...