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Investing.com -- UBS is moving forward with the sale of its hedge fund unit O’Connor to U.S. brokerage firm Cantor Fitzgerald, CFO Todd Tuckner confirmed Wednesday.
The announcement came after reports that some UBS investment funds, including at least one managed by O’Connor, had exposure to the debt of bankrupt U.S. auto parts supplier First Brands.
Tuckner emphasized that UBS has no balance sheet exposure to First Brands and only a small number of funds were affected by the bankruptcy.
The CFO also addressed several other strategic initiatives during his remarks. He noted that UBS expects a national charter in the U.S. to increase banking capabilities in that key market.
Regarding capital allocation, Tuckner said clarity on Swiss capital rules will inform the bank’s fourth-quarter capital accrual plan for share buybacks. CEO Sergio Ermotti added that the size of share buybacks for 2026 will be determined based on integration progress and capital considerations.
Tuckner described the third quarter in the Asia-Pacific region as "exceptional," noting increased "APAC-for-APAC investments" during the period.
The CFO also addressed legal matters related to AT1 instruments, stating that the write-down of these instruments was an integral part of the overall rescue transaction. UBS intends to appeal the AT1 write-down alongside FINMA to ensure its perspective on the acquisition is considered by the court. Tuckner added that being a party in the AT1 proceeding does not increase liability in the bank’s view, and UBS has no indemnity from the Swiss government.
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