Yet more losses are rumoured at Warburg Dillon Read, this time in the bank’s European closed-end fund sales department. The team tracks, researches and makes markets in closed-end funds, has 40 dedicated analysts and salespeople, and is the biggest player in the market.
The team regularly brought in annual profits of £40 million ($68 million) with capital of just £100 million. Following parent SBC’s merger with UBS, capital was increased to £400 million.
Profits for the first six months of this year were up, to about £40 million.
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