Financial services firm Cantor Fitzgerald has acquired UBS’s alternatives investment platform, O’Connor, for an undisclosed sum.
The investment platform includes private credit as well as hedge funds and commodities, with around $11bn (roughly £8.1bn) in invested assets.
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The acquisition will significantly bolster Cantor Fitzgerald Asset Management’s capabilities, the business said in a statement.
Upon closing, the investment and support teams will move to Cantor Fitzgerald, and O’Connor will operate as a distinct alternatives business within Cantor Fitzgerald Asset Management.
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O’Connor will report to William Ferri, global head of Cantor Fitzgerald Asset Management, who was a 25-year veteran of UBS and founding member of its O’Connor business.
As part of the agreement, O’Connor capabilities will continue to be offered to UBS Global Wealth Management clients, subject to customary due diligence and monitoring, as well as to institutional and high-net-worth clients globally.
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“The acquisition of O’Connor is transformational for our asset management business and demonstrates our commitment to investing in attractive growth businesses,” said Brandon Lutnick, chairman of Cantor Fitzgerald.
“We see this as a high-conviction investment in our future – a bold step forward as we expand our reach and double down on delivering meaningful impact and services to our clients,” added Kyle Lutnick, executive vice chairman of the business.
The initial close of the deal is expected in the fourth quarter of this year.
