UBS said it has taken a $774m hit from the collapse of family office Archegos Capital, denting profits at its investment bank in an otherwise strong quarter for the unit.

The Swiss bank is the latest large investment bank to take a big loss from the meltdown of Bill Hwang’s family office, which hit group net profits by $434m. UBS has fully unwound its positions related to the fund, it added. Chief executive Ralph Hamers said during a call with analysts that the bank will take another $87m trading loss in the second quarter.