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News and Press Releases
3/24/2000 - UBS AG Purchases 24.9% of Prediction Company LLC
Companies also extend exclusive relationship
SANTA FE, New Mexico and STAMFORD, Conn., March 24, 2000 - Warburg Dillon Read and Prediction Company of Santa Fe, New Mexico, today announced the purchase by UBS AG of a 24.9% minority interest in Prediction Company LLC.
UBS and Prediction Company have also agreed to extend their contractual relationship, under which Prediction Company LLC is developing technology that is deployed under an exclusive license to UBS AG and its Warburg Dillon Read investment banking division.
Prediction Company is a privately held company based in Santa Fe, New Mexico, that was founded in 1991 by Doyne Farmer, Norman Packard, and James McGill to build models for predicting financial markets. The technology developed for this purpose includes substantial research and data infrastructure, along with technology for high-speed trade execution in real time.
Norman Packard, President and CEO of Prediction Company LLC stated, "We welcome this investment by UBS. The investment, as well as the continuation of our relationship, will enable our company to realize the potential of its technology in a broad array of markets, with access provided by Warburg Dillon Read's strong global platform."
David Zyer, Managing Director of Warburg Dillon Read's Prediction related business area, noted that "This investment further solidifies Warburg Dillon Read’s access to the world-class technology and risk management methods being developed and refined by Prediction’s research scientists and systems engineers. This exclusive relationship also enhances WDR's expertise in the deployment of sophisticated data infrastructure and electronic execution technologies."
The relationship between Prediction Company and Warburg Dillon Read began in 1992 as a relationship between Prediction Company and O'Connor and Associates, which was integrated into Swiss Bank Corporation in 1995. In 1998, SBC merged with Union Bank of Switzerland to form UBS AG.
Warburg Dillon Read is the investment banking division of UBS AG. In the United States, Warburg Dillon Read’s securities activities are conducted through Warburg Dillon Read LLC, a U.S.-registered broker-dealer. Warburg Dillon Read was created on June 29, 1998, when Swiss Bank Corporation and Union Bank of Switzerland merged to form UBS AG, one of the largest banking groups globally, with more than $1 trillion under management. While Warburg Dillon Read's origins and culture are European, the orientation is truly global, with a strong presence in the Americas and Asia Pacific. Warburg Dillon Read is a market leader in risk management, financial structuring, fixed income issuance and trading, foreign exchange dealing and derivatives, and maintains leading positions in corporate finance and equities throughout Europe, the Americas and Asia Pacific.
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Enquiries:
Jim Galvin: +1 212-821-5503, of Warburg Dillon Read
Norman H. Packard 505-984-3123, of Prediction Company
10/1999 - Book about Prediction Company published!
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The Predictors by Thomas Bass is now available. The Predictors chronicles the creation and early years of Prediction Company. Read an excerpt here.
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Media Coverage
- The Predictors by Thomas Bass, Henry Holt & Company, 1999
- Black Box by Thomas A. Bass, The New Yorker, April 26 and May 3, 1999
- Ivory Tower Investing by Alyssa A. Lappen, Institutional Investor, March 1998
- Einsteins of Info Systems by Laton McCartney, Information Week, February 26, 1996
- Way Off Wall Street by James Aley, Fortune, February 5, 1996
- The World According to Norman Packard by Joe Kolman, Derivatives Strategy, December/January 1996
- High Tech Trading by Peggy Lee O’Neill, The Albuquerque Journal, November 12, 1995
- Sifting Hidden Market Patterns for Profit by George Johnson, The New York Times, September 11, 1995
- Predicting the Future by Bob Quick, The Santa Fe New Mexican, July 23, 1995
- When Your Investment Horizon is Minutes by John Pitt, Global Finance, June 1995
- Get Smart About Chaos by Mark Etzkorn, Futures, May 1995
- Market Prediction Turns the Tables on Random Walk by Karen Corcella, Wall Street & Technology, May 1995
- New Brains by Jonathan R. Laing, Barrons, February 27, 1995
- Cracking Wall Street by Kevin Kelly, Wired, July 1994
- Making Predictions Makes Money by Anne Constable, Santa Fe Reporter, January 19-25, 1994
- Enter the Market Merlins by David H. Freedman, Forbes ASAP, October 1993
- Chaos Hits Wall Street by David Berreby, Discover, March 1993
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