UBS is moving forward with the previously announced sale of its hedge fund unit, O’Connor, to US brokerage firm Cantor Fitzgerald, the bank’s CFO Todd Tuckner confirmed on Wednesday, according to a report by Reuters.
The announcement comes amid reports that some UBS-managed investment funds, including at least one run by O’Connor, were exposed to the debt of bankrupt US auto parts supplier First Brands. Tuckner clarified that UBS has no balance sheet exposure to the failed supplier.
Reports earlier this month suggested that Cantor Fitzgerald was seeking to adjust the terms of its acquisition of the hedge fund unit.
