UBS Sees $29 Million Loss on O’Connor Sale to Cantor Fitzgerald

(Bloomberg) — UBS Group AG’s asset-management unit booked a $29 million loss in the fourth quarter related to the sale of its O’Connor business to Cantor Fitzgerald LP, according to the bank’s quarterly report on Wednesday.

The deal originally included O’Connor’s six investment strategies with about $11 billion in assets under management.

Yet as one of the hedge fund’s strategies turned out to have exposure to bankrupt auto-parts supplier First Brands Group, Cantor sought to change the terms of its purchase, Bloomberg reported in October.

In December Cantor acquired two investment strategies and an alternative platform from the Swiss bank. Further investment funds and assets would continue to transfer in phases through the first quarter of 2026, Cantor said previously.

“The proceeds that we received were less than the cost basis ultimately,” UBS Chief Financial Officer Todd Tuckner said during a press call Wednesday. “The difference from what we disclosed in the beginning or middle of 2025 versus where we ultimately came out, was just a function of a change in the sale perimeter.”

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