UBS credit funds could face 10% write-down due to First Brands, Handelsblatt reports

ZURICH, Nov 26 (Reuters) - UBS UBSG.S could mark down credit funds managed by its O'Connor hedge fund unit by over 10% following the bankruptcy of U.S. auto parts supplier First Brands, German business paper Handelsblatt reported on Wednesday, citing sources.

UBS said earlier this month it was winding down investment funds run by its hedge fund unit O'Connor, with the majority of assets expected to be monetised by year-end.

UBS did not immediately reply to a Reuters request for comment on the Handelsblatt story.


(Reporting by Oliver Hirt and Ariane Luthi
Editing by Ludwig Burger)

((Ariane.Luthi@thomsonreuters.com;))

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