EXCLUSIVE: Former UBS Exec Launching Fund

While UBS (UBS Quote) continues to wrestle with massive writedowns and layoffs related to the imploding of subprime loans on its balance sheet, at least one former executive is moving on to brighter pastures.

Brian Harris, a top executive at UBS' now-closed hedge fund Dillon Read Capital Management, is launching his own investment fund, TheStreet.com has learned.

Harris, who was responsible for the commercial real estate lending business and not the subprime residential problems at Dillon Read, is raising money for his new fund, called Ladder Capital, a person familiar with the matter tells TheStreet.com. ...