UBS presses ahead with sale of O'Connor unit despite First Brands woes

Reuters10-29

UPDATE 1-UBS presses ahead with sale of O'Connor unit despite First Brands woes

Adds details on planned sale in paragraph 3, comment on credit environment in paragraph 4

ZURICH, Oct 29 (Reuters) - UBS UBSG.Sis moving ahead with the sale of its hedge fund unit O'Connor to U.S. brokerage firm Cantor Fitzgerald, the bank's CFO Todd Tuckner said on Wednesday.

His remarks came after it emerged some UBS investment funds were exposed to the debt of bankrupt U.S. auto parts supplier First Brands. That included at least one managed by O'Connor.

"Whether or not any of the funds that have the First Brands Group exposure to them is included or not, is something that we're working through with the Cantor team as part of the ongoing collaboration," Tuckner said when asked by a reporter whether the buyer was now asking for a discount.

Tuckner, who was discussing the bank's latest quarterly results, said UBS has no balance sheet exposure to First Brands and is not concerned about the broader credit environment.

(Reporting by Ariane Luthi and Oliver HirtEditing by Dave Graham)

((dave.graham@thomsonreuters.com; Reuters Messaging: dave.graham.thomsonreuters.com@reuters.net))

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