Six former executives from UBS’ ill-fated hedge fund arm Dillon Read Capital Management launched a new investment banking boutique, The PrinceRidge Group, in June. John Costas, chief executive at Dillon Read, and Michael Hutchins, former president at the hedge fund unit which closed after trading losses, talked to Financial News about their ambitions for the new firm, which is already in discussions to expand outside the US.

Costas, who led UBS' investment bank before launching Dillon Read, is now chairman of PrinceRidge and Hutchins is chief executive of the firm, which has recruited about 50 staff at its Fifth Avenue offices and been set up with $25m (€17m) from the six founding partners.