Dillon, Read & Co. was an investment bank based in New York City . In 1991, it was acquired by Barings Bank and, in 1997, it was acquired by Swiss Bank Corporation , which was in turn acquired by UBS in 1998.
18-619: Dillon Read traces its roots to 1832 with the founding of the Wall Street brokerage firm Carpenter & Vermilye by Col. Washington Romeyn Vermilye, George Carpenter, and William Montgomery Vermilye . The firm was notable for selling war bonds during the U.S. Civil War. In 1905, it was renamed after its principal partner, William A. Read. In 1921, it was renamed as Dillon, Read & Co. to include partner Clarence Dillon . The firm underwrote bonds issued by New York City and underwrote stocks and bonds of railroads and other companies. In 1921,
36-528: A Roosevelt family descendant through his paternal grandmother. Together, William and Hester were the parents of: Vermilye died of Bright's disease of the kidneys at his home, 39 West 31st Street in New York City, on June 18, 1878. After a funeral at his residence, he was buried at Woodlawn Cemetery in the Bronx. Samuel Lathrop Samuel Lathrop (May 1, 1772 – July 11, 1846)
54-624: A United States Senator from New Jersey and as U.S. Secretary of the Treasury under Ronald Reagan and George H. W. Bush . In July 1986, the company was sold by its 35 partners to The Travelers Companies for $ 157.5 million, which was initiated when the Bechtel family cashed out its 30% holding in February, forcing the partnership to sell to Travelers to increase their pool of capital which had been depleted by $ 25 million. The corporate office
72-666: A director for two years. In 1877, he became the 22nd President of the Saint Nicholas Society of the City of New York , a charitable organization in New York City of men who are descended from early inhabitants of the State of New York. On April 4, 1827, Vermilye was married to Hester Anthony De Reimer (1810–1894). Hester was the youngest daughter of Hester (née Anthony) De Reimer and Samuel Babbington De Reimer,
90-660: A gentleman farmer. He served as member of the Massachusetts State Senate in 1829 and 1830 and served as President pro tempore. In 1831 and 1832 he ran unsuccessfully for governor as an Anti-Mason , losing both times to Lincoln. From 1829 to 1840 he was a trustee of Amherst College . Lathrop died in West Springfield on July 11, 1846. He was interred in the Park Street Cemetery. In 1797 Lathrop married Mary McCracken, and they were
108-493: The IG Farben company and Vereinigte Stahlwerke during the interwar period . C. Douglas Dillon , the son of Dillon Read co-founder Clarence Dillon , served as chairman of the company before serving as U.S. Secretary of the Treasury under John F. Kennedy and as U.S. Undersecretary of State and U.S. Ambassador to France under Dwight Eisenhower . Nicholas F. Brady served as chairman from 1970 to 1982, before serving as
126-537: The Nineteenth Congress (March 4, 1819 – March 3, 1827). He served as chairman of the Committee on Revisal and Unfinished Business (Seventeenth and Eighteenth Congresses). In 1824 Lathrop ran unsuccessfully for Governor of Massachusetts , losing to Levi Lincoln Jr. Lathrop was the last Federalist nominee for Massachusetts governor. After leaving Congress Lathrop resumed the practice of law and became
144-795: The Commercial Bank, staying until the Spring of 1830 when the Merchants' Exchange Bank was organized and Vermilye was the first cashier, staying in that role until 1840, when he became cashier of the Manhattan Banking Association. In 1846, he became treasurer of the Ohio Life and Trust Company after the resignation of Newton Perkins, holding this position until 1849. In 1849, Vermilye, along with his brother Col. Washington Romeyn Vermilye and George Carpenter, founded
162-756: The Mechanics Banking Association. In 1863, he declined, along with Abraham Lincoln , Robert B. Roosevelt , John J. Astor Jr. and Nathaniel Sands , to endorse John Adams Dix for mayor of New York City . In 1868, along with James Lenox , he was also a founder of the Presbyterian Hospital in New York City. In addition, he was an incorporator of the New York Society for the Prevention of Cruelty to Children in 1875 with Elbridge Thomas Gerry , serving as
180-574: The United States. The assets under management were transferred into UBS's main asset management business. The division had raised $ 1.2 billion in assets under management. In her 2008 book, UBS: les dessous d'un scandale , Myret Zaki asserted that had UBS listened to Dillon Read Management, UBS could have limited its losses from the subprime mortgage crisis to $ 500 million instead of $ 40 billion. William Montgomery Vermilye William Montgomery Vermilye (September 30, 1801 – June 18, 1878)
198-547: The firm managed the rescue of faltering Goodyear Tire & Rubber Company . In 1925, it engineered the buyout of Dodge Brothers and the sale of the company to Chrysler in 1928. In the 1930, it underwrote foreign bonds and arranged financing for the petroleum industry . In 1937, it underwrote the bonds used to finance the Triborough Bridge . After WWI, they were the largest lender to Germany for reconstruction and reaped great profits, whose funds were used to found
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#1732793861229216-527: The firm of Carpenter & Vermilye , which became one of the most prominent banking houses in New York City and was known for selling war bonds during the U.S. Civil War . After Carpenter's retirement in 1858, the firm was renamed Vermilye & Co. Ten years later in 1868, Vermilye himself retired. While active in business, he was a trustee of the Mutual Life Insurance Company and served as vice-president and acting president of
234-570: Was admitted to the bar , and commenced practice in West Springfield. Lathrop served as West Springfield's clerk and treasurer from 1796 to 1798, and was town meeting moderator eight years. From 1817 to 1821 he served as Hampden County Attorney. Lathrop was elected as a Federalist to the Sixteenth and Seventeenth Congresses, reelected as an Adams-Clay Federalist to the Eighteenth Congress, and reelected as an Adams candidate to
252-537: Was a U.S. Representative from Massachusetts . Samuel Lathrop was born on May 1, 1772, on the western side of Springfield (which would later be incorporated as a separate town in 1774) in the Province of Massachusetts Bay . He was the son of Reverend Joseph Lathrop, longtime pastor of the First Church of West Springfield. He pursued classical studies and graduated from Yale College in 1792. He studied law,
270-660: Was an American banker and philanthropist. Vermilye was born in New York City on September 30, 1801. He was the eldest child born to Mary ( née Montgomery) Vermilye (1782–1847), who was of Irish Montgomery lineage, and William W. Vermilye (1780–1849), a venerated elder in the Presbyterian Church . Among his siblings were the Rev. Dr. Thomas E. Vermilye and Rev. Dr. Robert G. Vermilye and Col. Washington Romeyn Vermilye , who married Elizabeth Dwight Lathrop, daughter of U.S. Representative Samuel Lathrop . Vermilye, who
288-405: 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. After profits of $ 1.2 billion in 2006, the division lost 150 million Swiss Francs in the first quarter of 2007, primarily due to bets on the sub-prime mortgage industry in
306-525: Was located at 535 Madison Ave in New York City. The downtown office was located at 120 Wall street in New York City. In 1991, the company was sold to Barings for $ 122 million. Barings went bankrupt and in 1995, management bought back the firm. In 1997, the company was sold to Swiss Bank Corporation in 1997 and merged with S. G. Warburg & Co. , to become Warburg Dillon Read. In 1998, it became part of UBS when Swiss Bank Corporation merged with Union Bank of Switzerland to become UBS. The Dillon Read name
324-594: Was of Huguenot ancestry, was "a descendant of one of the oldest families of New-York, the original founder of the family, Mr. John Vermilye, having immigrated to this country from England in 1690." After a common school education in New York, he entered business at the age of eighteen in the office of the Commercial Advertiser which his father was proprietor. He left the Advertiser and joined
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