UBS set to dispose of Phildrew Ventures

Phildrew Ventures, the UK-based buyout fund led by Frank Neale, is to be made independent from UBS Warburg. UBS has decided to wind down its portfolio in view of the Eur700m losses it recorded in 2000. According to press reports private equity will not be a core business of the bank in the future, but it will instead focus efforts on its more prosperous businesses. Phildrew was acquired by UBS when it bought Philips & Drew in 1998.

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