Dillon, Read &amp; Co.

Dillon, Read &amp; Co. was an investment bank based in New York City. In 1997, it was acquired by Swiss Bank Corporation, which was in turn acquired by UBS in 1998.
The Dillon Read name was dropped by 2000. In June 2005, UBS established Dillon Read Capital Management (DRCM), led by former UBS Investment Bank head John P. Costas.
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.