O'Connor & Associates
O'Connor & Associates is a Chicago-founded derivatives and alternative-investment platform that evolved from a major U.S. options trading firm into a multi-strategy investment manager.
Last updated August 31, 2026
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Overview
O'Connor & Associates is a financial-services brand founded in Chicago in 1977 by mathematician Michael Greenbaum together with brothers Edmund J. O'Connor and William F. O'Connor. The firm originated as an options-trading business and developed a particularly strong position in financial derivatives and options market making. Its founding was supported by the O'Connor brothers, who had accumulated substantial experience and capital through grain trading on the Chicago Board of Trade and through First Options, a clearing business. Greenbaum had previously worked in risk management for First Options. During its independent period, O'Connor became one of the largest options trading firms in the United States and an important participant in the development of organized derivatives markets. The company combined quantitative risk management with trading and market-making activities, reflecting the increasingly mathematical character of options valuation and derivatives risk. By the late 1980s, O'Connor was seeking a relationship with a larger financial institution. Swiss Bank Corporation established a strategic relationship with the firm beginning in 1988, and the two organizations created a currency joint venture in 1989. That relationship helped lead to Swiss Bank Corporation's acquisition of O'Connor in 1992. At the time of the acquisition, O'Connor had more than 500 employees and was described as one of the world's largest options trading firms. It continued to operate as a Swiss Bank Corporation subsidiary while being combined with the bank's money-market, capital-markets, and currency-market activities. The integration also brought several O'Connor executives into important roles within Swiss Bank's broader capital-markets organization. The 1998 merger of Swiss Bank Corporation and Union Bank of Switzerland created UBS. O'Connor subsequently became known as UBS O'Connor and moved from its origins as an options specialist toward a broader investment platform. Within UBS Investment Bank, and later UBS Asset Management, the business developed into a multi-strategy hedge-fund manager. Its investment capabilities expanded beyond derivatives trading to include strategies intended to generate risk-adjusted absolute returns with relatively low correlation to traditional asset classes and benchmark portfolios. UBS O'Connor was ultimately managed as a distinct platform within UBS Asset Management, with independence in investment decision-making. The business was associated with hedge-fund strategies and, according to the referenced account, later developed capabilities spanning alternative investments, private credit, and commodities. It reached approximately $11 billion in hedge-fund strategy assets as of June 1, 2022; this figure is historical and should not be interpreted as a current asset figure. In May 2025, UBS announced an agreement to sell O'Connor to Cantor Fitzgerald Asset Management. Following completion of the transaction, described in the reference material as occurring in 2026, the platform operates under Cantor Fitzgerald's asset-management division as O'Connor Alternative Investments. The brand therefore represents a notable transition from an independent Chicago options market maker to a bank-owned alternative-investment business and then to a platform within an independent financial-services group.
History
O'Connor & Associates was established in Chicago in 1977 by mathematician Michael Greenbaum with the financial backing and support of brothers Edmund J. O'Connor and William F. O'Connor. The O'Connor brothers had built experience and wealth through grain trading on the Chicago Board of Trade and through First Options, a clearing house they founded. Greenbaum had been responsible for risk management at First Options, giving the new firm a foundation in quantitative finance and derivatives risk control. The firm's initial business centered on options trading, with a particular emphasis on financial derivatives and market making. O'Connor expanded into a significant U.S. options-market participant and was later described as one of the largest options trading firms in the world. Its growth reflected the increasing institutional importance of listed options and the growing use of mathematical techniques in pricing, hedging, and risk management. O'Connor began developing a relationship with Swiss Bank Corporation in 1988. The relationship was followed by a currency joint venture in 1989, which became an important step toward a broader combination. Swiss Bank Corporation acquired O'Connor in 1992. The firm had more than 500 employees at the time and remained an operating subsidiary after the acquisition. Its activities were combined with Swiss Bank's money-market, capital-markets, and currency-market businesses to create a more integrated capital-markets and treasury operation. Several O'Connor executives moved into key positions within Swiss Bank's organization. In 1998, Swiss Bank Corporation merged with Union Bank of Switzerland to form UBS. O'Connor then became UBS O'Connor and was incorporated into UBS Investment Bank. Under UBS, the business moved beyond its original identity as an options market maker and developed into a multi-strategy hedge-fund manager. It later became a distinct platform within UBS Asset Management, while retaining independence over investment decisions. The platform pursued strategies designed to deliver risk-adjusted absolute returns and relatively low correlation with major asset classes and conventional benchmarks. The UBS-era business expanded its alternative-investment capabilities. The referenced material associates O'Connor with hedge funds, private credit, and commodities, in addition to its derivatives heritage. It also identifies Blake Hiltabrand, Kevin Russel, Casey Talbot, and Bernard Ahkong among the people who ran the O'Connor business at different points. The platform reportedly managed approximately $11 billion in hedge-fund strategies as of June 1, 2022. That figure is a historical reference rather than a current valuation or assets-under-management statement. In May 2025, UBS announced that it had agreed to sell O'Connor to Cantor Fitzgerald Asset Management. The transaction was described as completed in 2026, after which the business operated within Cantor Fitzgerald's asset-management division under the name O'Connor Alternative Investments. The company's history consequently spans three principal phases: an independent Chicago derivatives firm, a specialized platform within UBS, and an alternative-investment business under Cantor Fitzgerald.
- 2026
Moves under Cantor Fitzgerald as O'Connor Alternative Investments
[1]The referenced material states that the transaction was completed in 2026 and that the platform adopted the O'Connor Alternative Investments operating identity.
- 2025
UBS announces sale to Cantor Fitzgerald
[1]UBS announced an agreement to sell O'Connor to Cantor Fitzgerald Asset Management.
- 2022
Reports approximately $11 billion in hedge-fund strategy assets
[1]The referenced account reported that O'Connor managed approximately $11 billion in hedge-fund strategies as of June 1, 2022.
- 1998
Becomes UBS O'Connor
[1]Following the merger of Swiss Bank Corporation and Union Bank of Switzerland, O'Connor became UBS O'Connor within UBS Investment Bank.
- 1992
Acquired by Swiss Bank Corporation
[1]Swiss Bank Corporation acquired O'Connor, which at the time had more than 500 employees and was a major global options-trading firm.
- 1989
Currency joint venture with Swiss Bank Corporation
[1]O'Connor and Swiss Bank Corporation formed a currency joint venture, contributing to the eventual acquisition of O'Connor.
- 1988
Strategic relationship with Swiss Bank Corporation begins
[1]Swiss Bank Corporation began a strategic relationship with O'Connor as part of its effort to expand its U.S. options capabilities.
- 1977
O'Connor & Associates is founded
[1]Michael Greenbaum founded the firm with support from Edmund J. O'Connor and William F. O'Connor, establishing a Chicago-based options-trading business.
Products and positioning
A quantitative, derivatives-rooted alternative-investment platform focused on risk-managed absolute-return strategies and institutional investment solutions.
Derivatives trading · 1977
Options trading and market making
O'Connor began as a specialist in listed options and financial derivatives. Its activities included options trading and market making in U.S. financial markets, supported by quantitative analysis, pricing expertise, and risk-management capabilities. This derivatives foundation remained central to the firm's identity even after it was acquired by Swiss Bank Corporation and later became part of UBS.
Alternative investments
Multi-strategy hedge funds
Under UBS, O'Connor evolved into a multi-strategy hedge-fund manager. Its platform pursued multiple investment approaches intended to generate absolute returns while managing exposure to conventional market benchmarks and seeking relatively low correlation with major asset classes. The business was managed as a distinct investment platform with independence in investment decision-making.
Alternative investments
Private credit strategies
The referenced material identifies private credit as one of the capabilities associated with the later O'Connor alternative-investment platform. Specific products, fund names, launch dates, and performance figures are not provided.
Alternative investments
Commodities strategies
Commodities are identified among the areas covered by the later O'Connor platform. The reference does not specify individual funds, instruments, or launch dates.
Investment platform · 2026
O'Connor Alternative Investments
O'Connor Alternative Investments is the operating identity described for the platform after UBS agreed to sell the business to Cantor Fitzgerald. It represents the continuation of O'Connor's alternative-investment activities under Cantor Fitzgerald's asset-management division.
Brand decisions
2025
UBS agrees to sell O'Connor to Cantor FitzgeraldM&ABackground
After operating for decades within UBS and UBS Asset Management, O'Connor became the subject of a sale to an external financial-services group.
Action taken
UBS reached an agreement to sell the platform to Cantor Fitzgerald Asset Management.
Aftermath
The reference material states that the transaction was completed in 2026 and that the platform operates as O'Connor Alternative Investments within Cantor Fitzgerald's asset-management division.
1998
O'Connor transitions into a UBS alternative-investment platformStrategyBackground
The merger of Swiss Bank Corporation and Union Bank of Switzerland created UBS and required the combined group to determine how O'Connor would fit within its investment-banking structure.
Action taken
O'Connor became UBS O'Connor within UBS Investment Bank and subsequently developed into a multi-strategy hedge-fund manager and a distinct platform within UBS Asset Management.
Aftermath
The business broadened beyond options market making into alternative-investment strategies, while retaining independent investment decision-making within UBS.
1992
Swiss Bank Corporation acquires O'ConnorM&ABackground
Swiss Bank Corporation sought to expand its U.S. options-trading capabilities. O'Connor was also looking for a relationship with a larger financial institution after developing a strategic relationship and currency joint venture with SBC.
Action taken
Swiss Bank Corporation acquired O'Connor and retained it as a subsidiary, integrating its activities with the bank's money-market, capital-markets, and currency-market operations.
Aftermath
O'Connor executives moved into roles within Swiss Bank's broader capital-markets organization, and the business became part of the institutional platform that later formed UBS.
Sources1 sources
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