Swiss bank UBS is in talks with US brokerage firm Cantor Fitzgerald to sell its hedge fund division O'Connor. According to Bloomberg News, the deal may involve a revenue-sharing agreement. This asset sale is part of UBS's asset divestment initiative to streamline operations following its acquisition of Credit Suisse in 2023. Founded in 1992, O'Connor is currently part of UBS Asset Management. UBS has not commented on the matter, and Cantor Fitzgerald has yet to respond. Cantor Fitzgerald has recently been actively seeking business expansion, agreeing in April to acquire Canaccord Genuity's US wholesale market-making business and launching a $3.60 billion cryptocurrency venture capital project.

May 8 (Reuters) - Swiss lender UBS  (UBSG.S) , opens new tab  is in talks to sell its hedge fund unit, O'Connor, to U.S. brokerage Cantor Fitzgerald, Bloomberg News reported on Thursday, citing people familiar with the matter. Talks of the deal, which the report said could involve a revenue sharing agreement, come at a time when the Swiss bank is looking to divest some assets to streamline operations after the 2023 takeover of Credit Suisse. O'Connor, an alternative investment platform, was bought in 1992 by Swiss Bank Corporation, which then merged with Union Bank of Switzerland in 1998 to become UBS. O'Connor is now part of UBS Asset Management. UBS declined to comment, while Cantor did not immediately respond to Reuters' request for comment. Cantor is chaired by Brandon Lutnick, son of the former Cantor boss and current U.S. Secretary of Commerce Howard Lutnick. The company has been actively pursuing deals in recent months. In April, it  agreed to buy , opens new tab  Canaccord Genuity's U.S.-based wholesale market making business. It also  launched  a $3.6 billion crypto venture in partnership with a consortium including Tether and SoftBank  (9984.T) , opens new tab .

UBS is in talks to sell hedge fund O'Connor to the US firm Cantor Fitzgerald.