Bloomberg – John Costas and Michael Hutchins, are reuniting to start a financial services firm after running UBS AG’s hedge fund Dillon Read Capital Management LLC, according to people familiar with their plans.
Costas, 52, took over UBS’s investment bank in 2001 and spun off the proprietary trading desk to form Dillon Read in 2005. Zurich-based UBS shut down the unit in May 2007 and said it accounted for $3 billion of the $19 billion in losses the bank reported that year. Hutchins, 53, was president of Dillon Read and previously headed the debt unit of UBS.
