O'Connor & Associates
| Company type | Subsidiary (after 1992) |
|---|---|
| Industry | Financial services |
| Founded | 1977 |
| Founder | Edmund J. O'Connor, William O'Connor, Michael Greenbaum |
| Defunct | 1998 (absorbed into UBS investment banking division) |
| Fate | Acquired by Swiss Bank Corporation in 1992; merged into UBS in 1998 |
| Successor | UBS O'Connor |
| Headquarters | Chicago , United States |
Key people | Edmund J. O'Connor, William O'Connor, Michael Greenbaum |
Number of employees | 500+ |
| Parent | Swiss Bank Corporation (1992–1998) |
O'Connor & Associates was a Chicago-based firm specializing in options trading and financial derivatives. Established in 1977 by Edmund J. O'Connor along with his brother William O'Connor, the company was purchased in 1992 by Swiss Bank Corporation to strengthen its foothold in the U.S. options market. At the time of acquisition, O'Connor had a workforce exceeding 500 employees and was recognized as one of the largest options trading firms worldwide.
Following the acquisition, O'Connor functioned as a subsidiary under Swiss Bank Corporation. After Swiss Bank merged with Union Bank of Switzerland in 1998 to form UBS, O'Connor & Associates was absorbed into UBS's investment banking division, continuing its operations under the name UBS O'Connor.
UBS O'Connor
Post-merger, UBS O'Connor operates as a hedge fund within UBS Asset Management, retaining complete independence over its investment choices. The firm focuses on strategies designed to deliver absolute returns adjusted for risk, with minimal correlation to major asset categories and conventional benchmarks.
The organization manages a variety of investment programs aimed at generating favorable risk-adjusted performance. Leadership includes Blake Hiltabrand, who directs global operations, alongside Bernard Ahkong and Casey Talbot, who serve as co-Chief Investment Officers for the primary Global Multi-Strategy fund.
As of June 1, 2022, UBS O'Connor oversaw approximately $11 billion in hedge fund assets.
History
O'Connor was founded in 1977 by mathematician Michael Greenbaum and named after Edmund (Ed) and William (Bill) O'Connor, who had accumulated wealth trading grain on the Chicago Board of Trade and were founders of First Options, a clearinghouse. The O'Connors provided capital to Greenbaum, formerly head of risk management at First Options, enabling him to launch the firm.
By 1988, O'Connor had become the largest market maker on U.S. financial options exchanges and formed a strategic alliance with Swiss Bank Corporation (SBC) to broaden its market access. This collaboration resulted in a currency joint venture in 1989, marking an initial step toward SBC's eventual acquisition of O'Connor.
Following SBC's 1992 merger, O'Connor was merged with SBC’s money market, capital market, and currency market operations to establish a global capital markets and treasury division. Key executives from O'Connor assumed prominent leadership positions within Swiss Bank, strengthening the combined organization’s market expertise.