What is Dillon, Read & Co.?
{{Infobox company |name = Dillon Read & Co. |logo = Dillon_Read_Logo.png |type = Acquired |industry = Financial Services |fate = Acquired by Swiss Bank Corporation in 1998 |founded = 1832 |products = Asset Management,<br>Financial Services }} '''Dillon, Read & 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 (business)|John P. Costas]]. On May 3, 2007, UBS announced the closure of Dillon Read Capital Management. The division lost 150 million [[Swiss Franc]]s 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. [[Category:1832 establishments in the United States]] [[Category:1997 disestablishments in the United States]]