Group 1 - UBS Group announced the sale of its hedge fund, private credit, and commodities business O'Connor to Cantor Fitzgerald, which will significantly enhance Cantor Fitzgerald's asset management business by adding $11 billion in managed assets [1] - The transaction is expected to be completed in the fourth quarter, pending regulatory approval and fulfillment of closing conditions [1] - UBS stated that the sale will result in a non-material gain and is part of its strategy to streamline operations following the acquisition of Credit Suisse in 2023, amid stricter capital requirements in Switzerland [1] Group 2 - Cantor Fitzgerald emphasized its unique advantage in developing the O'Connor business due to its understanding and experience, focusing on attracting and retaining investment talent and providing attractive risk-adjusted returns [2] - Post-acquisition, O'Connor's investment and support teams will be integrated into Cantor Fitzgerald as an independent alternative investment business within its asset management division, while continuing to serve UBS's global wealth management clients [2] - The acquisition is seen as transformative for Cantor Fitzgerald's asset management business, reflecting its commitment to investing in high-growth businesses [2]