UBS O’Connor is undergoing a significant leadership transition after informing investors that Rodrigo Trelles and Baxter Wasson, the co-heads of its capital solutions strategy, have chosen not to accept roles at Cantor Fitzgerald, according to sources familiar with the matter. Bloomberg News first reported the events, marking another pivotal moment for UBS’s alternatives platform as it navigates restructuring and market pressure.
In the immediate reshuffle, Gregory Najarian has been appointed Portfolio Manager, supported by Jaeho Choi and Joshua Mercado, ensuring continuity in capital solutions activities despite the unexpected leadership shift.
The move comes at a critical time for UBS. Earlier this month, the Swiss lender announced it was winding down investment funds managed by O’Connor after incurring losses tied to exposure to First Brands Group, a U.S. auto parts supplier that recently filed for bankruptcy. The setback has intensified scrutiny on the future of O’Connor’s operations.
According to UBS’s website, the capital solutions unit forms part of O’Connor’s broader and well-established alternatives platform, spanning hedge funds, alternative credit, and commodities. It has long played a strategic role within UBS’s global alternatives offering.
This leadership development also unfolds against the backdrop of a major corporate shift: Cantor Fitzgerald agreed earlier this year to acquire O’Connor from UBS, a move aligned with UBS’s ongoing effort to streamline operations following its landmark 2023 merger with Credit Suisse.
As the acquisition progresses and strategic adjustments continue, market participants are closely monitoring how O’Connor’s repositioning will reshape its role within the competitive alternative investment landscape.