BHP Shares Fall as Jansen Potash Project Costs Surge 
Saudi Aramco Explores Sulphur Business Stake Sale to Raise Billions 
Microsoft Taps AWS to Support GitHub Amid AI Coding Boom 
Hyundai to Acquire SoftBank’s Remaining Boston Dynamics Stake for $325 Million 
HSBC Australia Faces A$35M Penalty Over Scam Protection Failures 
GM and Lockheed Martin Partner to Strengthen U.S. Defense Manufacturing Capacity 
Jio IPO Filing Nears as Reliance Targets $4 Billion Market Debut 
Ukrainian Drone Makers Target Japan and Asia Defense Market 
Trump Says Anthropic No Longer Seen as National Security Threat 
Obayashi to Acquire Multiplex in $526M Expansion Deal 
TD Bank Expands Employee Monitoring Software to Boost Productivity Amid Privacy Concerns 
SpaceX Stock Slides After IPO Rally as Valuation Concerns Grow 
Chinese Social Media Giant Xiaohongshu Eyes Hong Kong IPO at Over $70 Billion Valuation 
Qantas Unveils Wellness-Focused Nonstop Sydney-London Flights to Reduce Jet Lag 
US Raises Concerns Over Possible ASML EUV Machine Transfer to China 
Samsung Gains Interest from BYD, Google, AMD as AI Chip Demand Strains TSMC Capacity 
Carro Expands Into Australia With Acquisition of Used-Car Platform CarPlace 
UBS has initiated a leadership transition within its O’Connor unit after the co-heads of the capital solutions strategy, Rodrigo Trelles and Baxter Wasson, declined offers to join Cantor Fitzgerald. According to a source familiar with the matter who spoke to Reuters, both executives opted not to move to the U.S. brokerage despite earlier expectations tied to Cantor’s planned acquisition of O’Connor.
In their place, UBS O’Connor has appointed Gregory Najarian as portfolio manager, effective immediately. Najarian will lead the team with support from Jaeho Choi and Joshua Mercado, signaling UBS’s efforts to maintain stability within the capital solutions business during a broader strategic shift. Bloomberg News was the first to report the developments.
The transition follows a challenging period for UBS. Earlier this month, the Swiss banking group confirmed it would wind down certain investment funds operated by O’Connor after losses linked to exposure to First Brands Group, a U.S. auto parts supplier that recently filed for bankruptcy. The decision highlights UBS’s ongoing effort to streamline its operations and reduce risk across its alternative investment portfolio.
O’Connor, a long-standing alternatives platform under UBS, spans hedge funds, alternative credit, and commodities strategies. Despite the restructuring, UBS continues to position the platform as an important part of its broader investment offering.
Cantor Fitzgerald, meanwhile, had reached an agreement earlier this year to acquire O’Connor as part of its own expansion into alternative investments. The move was seen as a strategic step for Cantor, while UBS has been reshaping its business following the landmark merger with Credit Suisse in 2023.
The leadership changes and fund wind-downs reflect a period of transition for UBS as it refocuses on core priorities, manages legacy risks, and prepares for the next phase of integration and consolidation post-merger.
