ION expands ETF trading capabilities with Tradeweb integration
Investing.com -- UBS Group is winding down an investment vehicle with significant debt exposure to First Brands Group, according to a Financial Times report.
The Swiss banking giant has informed clients of its Chicago-based O’Connor subsidiary about the liquidation of several invoice finance funds. This includes a strategy that did not have exposure to First Brands Group.
"We informed investors last month that O’Connor’s Working Capital Opportunistic funds are being wound down and the majority of the funds’ assets will be monetized by the end of the year," UBS told the Financial Times.
The bank emphasized its focus on protecting client interests, stating: "As a priority, we’re taking steps to protect clients’ interests and maximize recovery of the remaining First Brands Group-related positions through the complex bankruptcy process."
UBS aims to monetize 70% of the O’Connor fund with First Brands exposure by the end of 2025, the report added.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.