ZURICH (Reuters) -UBS could mark down credit funds managed by its O'Connor hedge fund unit by over 10% following the bankruptcy of U.S. auto parts supplier First Brands, German business paper
UBS Credit Funds Face Potential 10% Write-Down Post Bankruptcy
ZURICH (Reuters) -UBS could mark down credit funds managed by its O'Connor hedge fund unit by over 10% following the bankruptcy of U.S. auto parts supplier First Brands, German business paper Handelsblatt reported on Wednesday, citing sources.
UBS said earlier this month it was winding down investment funds run by its hedge fund unit O'Connor, with the majority of assets expected to be monetised by year-end.
"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 told Reuters when asked for comment on the Handelsblatt story.
(Reporting by Oliver Hirt and Ariane LuthiEditing by Ludwig Burger)
