Dillon, Read & Co. facts for kids

Dillon Read & Co.

Type	Acquired
Industry	Financial Services
Fate	Acquired by Swiss Bank Corporation in 1998
Founded	1832
Products	Asset Management, Financial Services

Dillon, Read & Co. was an important investment bank based in New York City. An investment bank helps big companies and governments with their money, like raising funds or making investments. This company was founded in 1832.

In 1997, Dillon, Read & Co. was bought by a bank called Swiss Bank Corporation. Then, in 1998, Swiss Bank Corporation itself was bought by another large bank, UBS. This meant Dillon, Read & Co. became part of UBS.

The End of the Original Name

By the year 2000, the name Dillon Read was no longer used for the main company. However, in June 2005, UBS decided to bring back the name for a new part of their business. They created a new group called Dillon Read Capital Management (often called DRCM). This new group was led by John P. Costas, who used to be in charge of UBS's investment banking section.

Why Dillon Read Capital Management Closed

On May 3, 2007, UBS announced that they were closing Dillon Read Capital Management. This part of the company had lost about 150 million Swiss Francs (which is a lot of money!) in the first three months of 2007. This happened mainly because of some risky investments they made in the United States. After the closure, all the money and investments that Dillon Read Capital Management was managing were moved to UBS's main money management business.

Images for kids

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  Dillon, Read & Co. Logo

See also

In Spanish: Dillon Read & Co. para niños