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Investing.com -- UBS Group AG (NYSE:UBS), the Swiss banking giant, is reportedly in negotiations to sell its hedge fund unit, O’Connor, to Cantor Fitzgerald LP. This information comes from Bloomberg, citing individuals who have knowledge of the matter.
The potential deal may include a revenue sharing agreement, according to one source. If such an agreement is reached, Cantor Fitzgerald would take over the unit from UBS’s asset management division, and UBS would receive a portion of the proceeds.
The move is part of UBS’s broader strategy to reduce its involvement in riskier businesses. The bank is currently facing additional capital requirements of up to $25 billion due to stricter regulations in Switzerland.
The sale of O’Connor would mark the end of UBS’s ownership of the former Chicago-based derivatives firm, O’Connor & Associates. The bank’s predecessor, Swiss Banking Corp., started acquiring the firm back in 1992, marking over three decades of ownership.
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