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John Costas, UBS: DRCM offered him a painful lesson |
The lesson to be learnt from UBS’s unexpected closure of Dillon Read Capital Management? Don’t mix bank and client money.
John Costas, head of UBS’s investment bank, was given the remit in June 2005 to carve out and run the bank’s proprietary trading business. The subsidiary, Dillon Read Capital Management (DRCM), was to be developed so that outside investors’ money would be accepted in managed accounts and funds.
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