John Costas and Mike Hutchins, former star bankers at UBS, will focus on opportunities in the real estate market as part of their investment strategy for their new boutique start-up, PrinceRidge.

The pair, whose departure from UBS two years ago was precipitated by the Swiss bank’s over-exposure to the real estate business, have hired 50 people and begun trading fixed-income products with an eye toward growing into an investment bank.