UPDATE 1-UBS in talks to sell hedge fund O'Connor to Cantor Fitzgerald, Bloomberg News reports

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Adds background on O'Connor in paragraph 3

May 8 (Reuters) - Swiss bank UBS Group UBSG.S is in talks to sell its hedge fund unit, O'Connor, to Cantor Fitzgerald, Bloomberg News reported on Thursday, citing people familiar with the matter.

The deal could involve a revenue sharing agreement, the report said.

O'Connor, part of UBS Asset Management, is an alternative investment platform. It was bought in 1992 by Swiss Bank Corporation, which in 1998 merged with Union Bank of Switzerland to become UBS.

UBS and Cantor did not immediately respond to Reuters requests for comment.

(Reporting by Niket Nishant in Bengaluru; Editing by Shreya Biswas)

((Niket.Nishant@thomsonreuters.com;))

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