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Strategies & Market Trends : Hedge Funds

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To: Marty Rubin who wrote ()	10/2/1998 3:04:00 PM
From: Marty Rubin	of 120

"Top UBS officials step down over LTCM losses" Friday October 2, 1:28 am Eastern Time Note: this article has a followup with more information. Top UBS officials step down over LTCM losses ZURICH, Oct 2 (Reuters) - UBS AG Chairman Mathis Cabiallavetta and other top officials at Europe's biggest bank will step down in the wake of big losses it suffered by investing in U.S. hedge fund Long Term Capital Management, UBS said on Friday. An internal audit into the 950 million Swiss franc charge UBS was forced to take for its LTCM exposure showed ''shortcomings'' in UBS's risk-management procedures but no gross negligence by people involved in the investment, it said in a statement. (Note: this article is ''in progress''; there will likely be an update soon.) (http://biz.yahoo.com/rf/981002/y.html)

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