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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.
