New York-based investment bank Cantor Fitzgerald has said the closing of its acquisition of UBS Group’s O’Connor hedge fund business will extend into 2026, with assets and strategies transferring in stages over the coming months.

In a statement, the bank confirmed it has so far taken on two investment strategies and an alternative investment platform from UBS as part of the transaction, which was first announced in May. Further funds and assets are expected to move across in phases through the first quarter of next year.

The original agreement covered six investment strategies within the O’Connor hedge fund unit. However, Cantor has since sought to revise the terms of the deal following losses linked to the bankruptcy of First Brands Group, according to previous reports. The auto parts supplier filed for Chapter 11 protection in September, with court documents showing O’Connor held a $116.1m claim related to supply-chain finance.

As a result, Cantor had been in discussions to exclude O’Connor’s Working Capital Finance strategy – which sat at the centre of the First Brands exposure – from the transaction.