Latest news with #O'Connor
Yahoo
a day ago
- Business
- Yahoo
UBS Group's Arm to Divest O'Connor Business to Cantor Fitzgerald
UBS Group AG's UBS subsidiary, UBS Asset Management (Americas) LLC, has announced a definitive agreement to sell O'Connor, its hedge fund, private credit, and commodities business, to Cantor Fitzgerald as part of its ongoing strategy to streamline operations. The initial close of the transaction is expected during the fourth quarter of 2025, subject to regulatory approvals and other customary closing conditions. The sale includes six investment strategies with approximately $11 billion in assets under management. Upon closing the deal, O'Connor's investment and support teams will transition to Cantor Fitzgerald. Additionally, UBS Asset Management and Cantor Fitzgerald will work closely together to ensure a seamless transition for clients. As part of the agreement, UBS Asset Management and Cantor Fitzgerald will establish a long-term commercial arrangement, maintaining continuity for UBS Global Wealth Management clients. Following the sale, UBS will remain one of the leading alternative investment managers, with over $440 billion in invested assets across its Unified Global Alternatives, Global Real Assets, and Credit Investments Group businesses. Aleksandar Ivanovic, president of UBS Asset Management, stated, 'We have substantial growth ambitions and are focused on expanding our differentiated alternatives capabilities where we are positioned to win at scale. In deciding to sell O'Connor, we considered several factors, including its strategic fit and growth potential within UBS, and have been guided by the best interests of investors.' Ivanovic added, 'Our priority has been to select a buyer with complementary capabilities, culture and team, and we believe that Cantor Fitzgerald is strongly placed to take the O'Connor business forward.' Blake Hiltabrand, Global Head of O'Connor, stated, 'This marks a pivotal new chapter for our business. As a cornerstone of Cantor Fitzgerald's alternative investment platform, the O'Connor team is excited about the opportunity to invest in and expand our capabilities while staying true to our roots as fundamental investors.' The decision to divest the hedge fund unit aligns with UBS's overall strategy of streamlining its operations, focusing on its core operations following the acquisition of Credit Suisse in 2023. According to its business restructuring plans, it is likely to wind down its non-core and legacy portfolio and aims to reduce non-core and legacy risk-weighted assets to below $8 billion by the end of 2025 and around $2 billion by the end of 2026. In sync with its restructuring plan, in April 2025, UBS made a strategic partnership with 360 ONE WAM Ltd, one of India's leading wealth and asset managers. Under this arrangement, UBS will purchase warrants to acquire a 4.95% share and will sell its onshore Indian wealth business to 360 ONE, while clients based in Singapore will continue to be served by UBS Singapore. Through these efforts, the company is well-positioned to enhance the client experience and unlock further cost reductions toward the end of 2025 and into 2026 as it delivers on its ambition of $13 billion in gross cost savings by the end of 2026. Shares of UBS have dipped 2.4% against the industry's 21.7% growth in the past six months. Image Source: Zacks Investment Research Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. This week, Citigroup Inc. C, through its subsidiary Citibank Europe Plc, announced that Citi Handlowy has announced an agreement to sell its consumer banking business in Poland to VeloBank S.A. (Velobank). This transaction aligns with Citigroup's broader strategy to exit consumer banking and strengthen its focus on core operations. The agreement involves the demerger of Citi Handlowy's consumer banking operations, including wealth management, micro business banking, credit cards, consumer loans, deposits, and assets under management, consumer clients of the brokerage business, branches, and other consumer-related assets to VeloBank. Notably, employees and branches of the consumer business of C will also transition to VeloBank S.A. upon completion of the transaction. Likewise, in February 2025, SEI Investments Co. SEIC agreed to divest its Family Office Service operations to Acquiline Capital Partners LP (Acquiline) for $120 million. The family office business of SEIC will continue to operate as Archway upon completion. Under the terms of the transaction, employees based in SEI's Indianapolis, Denver and Oaks offices, including key members of the leadership team, will transition to Aquiline along with the business. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C) : Free Stock Analysis Report UBS Group AG (UBS) : Free Stock Analysis Report SEI Investments Company (SEIC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
a day ago
- Business
- Mint
US-Boeing deal over 737 Max crashes: What are its terms, and what are victims' families saying? Explained
Following the settlement of a deal, the US Department of Justice has asked a federal judge in Texas to junk its criminal case against aircraft maker Boeing over two fatal crashes more than six years ago. The deal was made despite objections of family members of some victims of the crashes. Here is everything you need to know about the deal and what's really happening. The Justice Department has reached a deal with Boeing that will allow the company to avoid criminal prosecution, reports said quoting court papers last Friday. Boeing was charged for allegedly misleading US regulators about the 737 Max jetliner before two of the planes crashed and killed 346 people. In the court filing on May 23, the Justice Department said it had reached an 'agreement in principle' with Boeing. Dismissing the fraud charge will allow the manufacturer to avoid a possible criminal conviction that could have jeopardised the company's status as a federal contractor, the Associated Press reported quoting experts. As per the terms of the deal, Boeing will be required to pay and invest more than $1.1 billion. In return, the Justice Department will dismiss the criminal case against the aircraft manufacturer. This includes an additional $445 million for the crash victims' families. However, the deal has not been finalised yet. 'The Agreement guarantees further accountability and substantial benefits from Boeing immediately, while avoiding the uncertainty and litigation risk presented by proceeding to trial,' Justice Department lawyers wrote in court papers. US District Judge Reed O'Connor in Fort Worth, Texas, will decide whether to accept the motion to dismiss, accept the terms of the non-prosecution agreement and whether to cancel the trial. O'Connor on Thursday ordered all the lawyers to present him with a briefing schedule on the government's motion by June 4. Paul Cassell, an attorney for many of the families in the long-running case, had previously said said his clients strongly oppose dropping the criminal case. 'Dismissing the case would dishonour the memories of 346 victims who Boeing killed through its callous lies,' Cassell said in a recent statement. Many relatives of the passengers who died in the crashes, which took place off the coast of Indonesia and in Ethiopia less than five months apart in 2018 and 2019, have spent years pushing for a public trial, the prosecution of former company officials, and more severe financial punishment for Boeing.
Time of India
a day ago
- Entertainment
- Time of India
'The Crown' star Josh O'Connor dating 'Saltburn' actress Alison Oliver
'The Crown' star Josh O'Connor has confirmed his romance with 'Saltburn' actress after the couple was spotted on a romantic stroll in London, packing on the PDA. The pair, who have been linked since earlier this month, showed affection as they walked hand-in-hand through the city, as reported by E! News. Tired of too many ads? go ad free now Josh O'Connor and Alison Oliver's romance became more public when they attended the 2025 Cannes Film Festival premiere of O'Connor's new film, 'The Mastermind'. They posed on the red carpet with O'Connor's parents and later attended a cocktail event together, where they were seen enjoying each other's company. This isn't the first time O'Connor has spoken about his romantic interests. As per E! News, in a 2023 interview, he revealed that he had feelings for FKA Twigs when they attended high school together in the UK. O'Connor even formed a band called Orange Output in an attempt to get Twigs' attention, but she reportedly doesn't know who he is. As reported by E! News, sources said that O'Connor and Oliver share a strong connection, with their London stroll showing O'Connor wrapping his arm around Oliver's shoulder and planting a passionate kiss on her lips. The pair have not publicly addressed their relationship, though.
Irish Independent
a day ago
- Politics
- Irish Independent
Cork groups unite to take the fight to the housing crisis ahead of major protest on June 21
The Raise the Roof campaign includes a wide group of organisations including political parties, unions who represent older people, students, families and people with disabilities. Representatives of those various organisations met outside Cork City Hall on Thursday evening to outline their plan. Speaking at the event, Sinn Féin TD for Cork North Central Thomas Gould said support for the protest is crucial because the housing crisis impacts everyone. 'There are generations of families living under the same roof. 'I know of a woman who is getting evicted on Monday, and another woman getting evicted tomorrow (Friday). 'People are crying out for houses, and we have hundreds of boarded up council houses throughout Cork city that families could be in right now. 'What we are trying to do here is come together and put pressure on the government,' Mr Gould said. Protesters are asked to meet at the National Monument on Grand Parade. Joe Kelly from the Cork Council of Trade Unions said it is important for all working people to come out on the day. 'There was a time that having a job would guarantee you a certain standard of living and enabled people to get on the housing ladder. 'Nowadays that is nearly impossible and that is unacceptable. 'It's going back 100 years ago when there were tenements and that can't carry on,' he said. Labour TD Eoghan Kenny and Labour Councillor for Cork City South-West Ciara O'Connor represented their party on the day, and Mr Kenny said: 'Housing is the issue of our time and of our generation's politicians.' 'My email is inundated with people looking for either affordable housing, social housing or private housing to rent. 'The days of going to people asking every auctioneer on the street of towns to find reputable accommodation should be absolutely gone. 'I'm sick and tired of Fianna Fáil and Fine Gael making false promises on housing and missing housing targets,' he said. Ms O'Connor was co-opted to Cork City Council when newly elected Senator Laura Harmon gave up her seat and she said housing is the 'most prominent concern' of her constituents. 'I've had families that I know personally who have children with autism or severe needs in emergency accommodation for long periods of time. 'Emergency accommodation is not a good place for children to grow up,' Ms O'Connor added. Maire Kelly from CATU echoed the importance that people come out and show their support. 'Whether you're a parent with kids living at home or you're renting in an absolute dive of a house, or even a mortgage holder, everyone is affected and it's so important that everyone comes out. 'If we don't collectivise and show this is an issue, we won't see any change at all,' she added. Green Party Councillor for Cork City North East Oliver Moran described the housing crisis as a 'cross generation issue.' 'It is often said that people with mortgages are insulated from the housing crisis, but from that perspective you have a whole generation of people who are coming after them that do not have that opportunity. 'People's hearts are breaking looking at their children who don't have the same chance to get a house,' he said. Solidarity – People Before Profit's Brian McCarthy echoed the statements made and added: 'The real message that we want to push is that at the moment we have a landlords' government that serves the interests of millionaires, billionaires, developers and vulture funds. 'The money is there, the land is there but the political will isn't,' he said. Social Democrats Councillor for Cork South Central Niamh O'Connor said housing is something she gets contacted about most. 'We need people to get out on the street and make their voices heard because it is the number one issue in the country at the moment. 'Central government needs to give local authorities enough money to do up the derelict homes that we have. 'Even that would make so much of a difference,' she added. Sinn Féin Councillor for Cork City North-West added by saying: 'Even just visually, the more people there the better because we need feet on the ground. 'We need the support because we are fighting for people in our own areas inside the City Hall and the Dáil, and the support is really important,' she concluded.
Scoop
a day ago
- Business
- Scoop
Trump Tariffs Critique Sparks Councillor To Jump To US President's Defence
If Donald Trump ever found himself on the West Coast, he could count on at least one fan to roll out the regional council welcome mat. Goldmining councillor Allan Birchfield sprang to the defence of the US President at this month's corporate services meeting, after the council's treasury advisor critiqued Trump's tariff policies and their chaotic impact on financial markets. Bancorp corporate manager Miles O'Connor was presenting the firm's quarterly report on the West Coast Regional Council's (WCRC) $14 million investment fund, and the global trends likely to affect interest rates - all backed up with graphs, facts and figures. The US was moving away from acting in the world's interest towards an America-centric approach, he noted. Traditionally 60 percent of the world's capital had gone to the US because it was seen as a safe haven in uncertain times, O'Connor said. But the volatility in the equity and bond markets that followed Trump's 'Liberation Day' tariffs had not been seen since the stock market crash of 1987, and had caused a flight of capital out of the US and into European, Asian, and Japanese markets. Predicting profits and interest rates had become so difficult that some banks and major companies had given up forecasting completely, O'Connor said. The US president had also challenged the independence of the Federal Reserve by calling on its governor to cut interest rates. "Now that's just not done normally by political leaders. You don't see our Reserve Bank being told by the Prime Minister you must drop rates. "It's inherent in monetary policy that the central bank is independent of political influence." Trump had since reduced the 145 percent on Chinese goods to 30 percent, and the markets had settled down somewhat, but some tariffs would be permanent and New Zealand exports would be affected, O'Connor said. A recent Federal Reserve survey showed the tariffs were not working as hoped in the US domestic market: businesses were passing on price hikes to customers which was inflationary and hardly any overseas companies were relocating to the US. "My view is (Trump) probably won't go back to what he was doing; he probably didn't expect the reaction he got." Two Trump policies that did make sense were US defence spending and ending "unfettered" immigration, O'Connor said. "I'm not totally opposed to what he (Trump) does - some of the other policies I am slightly dubious about." Councillor Birchfield, whose goldmine office sports a large photo of Trump, seized his opening. "I'm pleased you're starting to give Donald a bit of credit - you go on with the usual rhetoric, anti-Donald Trump. "You say the US only does stuff in its own interest - you need to think about the US Navy - it guarantees freedom of trade - even for China [and] it's a huge cost on the US taxpayer." The US had recently "sorted out" the (Yemen rebel group) Houthis who had been disrupting world trade, Birchfield said. "Nobody else is gonna do that so you do need to start recognising the value of the US. And I see you saying it could impact New Zealand exports. "You don't really know. Lift your game," Birchfield instructed the Bancorp manager. O'Connor agreed the US did protect world trade. "But [the tariffs] are having an effect on our exports - we know that from some of our clients who've had orders cancelled." Birchfield continued, saying Trump had a huge problem of debt and a trade imbalance with China. "There's gonna be a bit of a shake down but at the end of the day he had to sort that out." O'Connor said the reason for the trade imbalance was that the US just could not match China's manufacturing capabilities. Council chairperson Peter Haddock put an end to the exchange, saying "We've had a shot across the bows by the US". "We have to recognise the volatility in the world... the best we can get out of it is lower interest rates." O'Connor said the official cash rate was likely to drop to three percent this year or possibly lower by November. The council had longer term cover in place for its investments and would not need to make any changes until next year, he said.
