UBS (UBS) is winding down an investment vehicle heavily exposed to the bankrupt U.S. auto parts maker First Brands Group, marking the first major fund liquidation tied to the collapse, The Financial Times’ Robert Smith, Olaf Storbeck, and Mercedes Ruehl report. The bank faces over $500M in exposure through its asset management and investment divisions and is also shutting several invoice finance funds at its O’Connor subsidiary, including some without direct First Brands exposure, according to the report.
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