Cantor Seeks New UBS O’Connor Deal on First Brands Exposure (1)

Cantor Fitzgerald LP is seeking to change the terms of its purchase of the O’Connor hedge-fund unit from UBS Group AG as the business faces big losses from the bankruptcy of First Brands Group, according to people familiar with the matter.

The New York-based investment bank, which agreed in May to buy the unit, is discussing excluding one of O’Connor’s strategies at the heart of the First Brands exposure, the Working Capital Finance group, and reducing the price overall, one of the people said. The people asked not to be named discussing private details.

When the auto-parts supplier filed ...