(Reuters) -U.S. brokerage firm Cantor Fitzgerald said on Wednesday it would buy Swiss lender UBS’ hedge fund unit, O’Connor.
The deal continues an active dealmaking cycle for the Wall Street giant chaired by Brandon Lutnick, son of the former Cantor boss and current U.S. Secretary of Commerce Howard Lutnick.
O’Connor’s investments include alternative assets like hedge funds, private credit and commodities. The platform will add $11 billion in invested assets to Cantor Fitzgerald’s asset management unit.
“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.
The terms of the deal were not disclosed.
Cantor Fitzgerald did not immediately respond to a Reuters request for comment on the deal’s terms.
(Reporting by Ateev Bhandari and Pritam Biswas in Bengaluru)
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