UBS O'Connor's capital solutions strategy co-heads did not accept jobs at Cantor, source says

Reuters11-18

UPDATE 1-UBS O'Connor's capital solutions strategy co-heads did not accept jobs at Cantor, source says

Adds background from paragraph 4 onwards

By Saeed Azhar and Gnaneshwar Rajan

Nov 17 (Reuters) - UBS UBSG.S informed investors the co-heads of O'Connor's capital solutions strategy unit, Rodrigo Trelles and Baxter Wasson, had opted not to accept jobs at brokerage Cantor Fitzgerald, a source familiar with the matter told Reuters on Monday.

UBS O'Connor's Gregory Najarian became portfolio manager with immediate effect, the source said, adding that he will be backed by Jaeho Choi and Joshua Mercado.

Bloomberg News first reported the events.

The Swiss lender said earlier this month it was winding down investment funds run by O'Connor, after suffering losses due to exposure to bankrupt U.S. auto parts supplier First Brands Group.

The capital solutions unit is part of O'Connor, an established alternatives platform with hedge funds, alternative credits and commodities, according to UBS's website.

Earlier this year, Cantor Fitzgerald had agreed to buy O'Connor from UBS, as it continues streamlining its operations since the merger with Credit Suisse in 2023.

(Reporting by Saeed Azhar and Gnaneshwar Rajan; Editing by Alan Barona)

((Gnaneshwar.Rajan@thomsonreuters.com;))

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