UBS helped trigger a wave of withdrawals from a flagship Blue Owl fund that the Swiss bank had helped build into one of the industry’s largest retail offerings after it advised overexposed clients to diversify away from private credit.
Investors started pulling large sums of money from Blue Owl Technology Income (OTIC), a $3bn direct lending fund distributed mainly through UBS wealth management, during the final quarter of 2025.
The requests came shortly after the bank told clients who were over-allocated to private credit that they should sell down their positions, according to two people familiar with the matter.
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