Swisseon appoints new partner as UBS faces First Brands bankruptcy risk

Alexander Qaqaya has been appointed as a partner and relationship manager at the Swiss independent wealth manager Swisseon in Geneva. Qaqaya, who previously served as a director at Union Bancaire Privée (UBP), will focus on advising private clients and family offices both within Switzerland and internationally.

Separately, significant financial challenges have emerged regarding UBS-linked asset management. A US bankruptcy judge has ordered the liquidation of the American auto parts retailer First Brands, describing the case as one of the most complicated in recent history. The liquidation follows a failed attempt at restructuring.

The collapse of First Brands poses a potential risk to the UBS-owned subsidiary O’Connor. The UBS Working Capital Finance Opportunistic Fund, based in Ireland, reportedly has a heavy concentration in First Brands, with approximately one-third of the fund's client assets—potentially up to $2 billion—invested in the company.