Dillon, Read & Co.
|Fate||Acquired by Swiss Bank Corporation in 1998|
On May 3, 2007, UBS announced the closure of Dillon Read Capital Management. The division lost 150 million Swiss Francs in the first quarter of 2007, primarily due to bets on the sub-prime mortgage industry in the United States. The assets under management were transferred into UBS's main asset management business.