UBS: A Hedge-Fund Stumble

Shares fell Thursday after the fiancial services outfit reported a profit shortfall on losses at its Dillon Read Capital Management unit

UBS AG UBS on May 3 announced a weaker profit during recent months, thanks in part to a big loss at a hedge fund unit, and plans to fold that operation into its investment banking business. Although UBS grappled with challenges in fixed-income trading, analysts gave the financial services firm credit for delivering strong results in its businesses overall.

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