When John Costas announced he was stepping down as chief executive of UBS’ investment banking division in June 2005 to take charge of the Swiss bank’s new internal hedge fund, Dillon Read Capital Management, bankers rushed to offer their services and get a piece of the Costas magic.

Managers at DRCM were flooded with CVs from all corners of UBS and every position had several applicants. Staff fought to get a job in what was openly described as a brains trust, gathering together an elite cadre of the bank's best minds, along with select hires from outside the firm.