Financial services company Cantor Fitzgerald has signed a definitive agreement to purchase UBS’s O’Connor alternatives investment platform, which manages approximately $11bn in assets.

This acquisition is expected to enhance Cantor Fitzgerald’s asset management division and contribute to the firm’s growth strategy across its various business sectors, including its investment banking operations.

UBS O’Connor, which focuses on hedge funds, private credit, and commodities, serves institutional and ultra-high-net-worth clients.

Following the completion of the acquisition, the investment and support teams from O’Connor will transition to Cantor Fitzgerald, where the platform will function as a separate entity within the asset management division.

Cantor Fitzgerald chairman Brandon Lutnick said: “The acquisition of O’Connor is transformational for our asset management business and demonstrates our commitment to investing in attractive growth businesses.

“With our leadership team’s deep familiarity with O’Connor, we are well-positioned to build upon the business’s strong foundation and drive its next phase of growth.”

William Ferri, who was a founding member of O’Connor, will oversee the new division.

The agreement also includes a long-term commercial partnership between Cantor Fitzgerald Asset Management and UBS Asset Management.

It will allow O’Connor’s services to remain available to UBS Global Wealth Management clients, contingent on standard due diligence and monitoring processes.

UBS Asset Management president Aleksandar Ivanovic said: “Our priority has been to select a buyer with complementary capabilities, culture and leadership team.

“We believe that Cantor Fitzgerald is strongly placed to take the O’Connor business forward.”

The transaction is anticipated to close in the fourth quarter of 2025, pending regulatory approvals and other customary conditions.

Recently, UBS created a new unit in its Global Wealth Management division, led by a former Credit Suisse executive.