UBS transfers Credit Suisse fund administration businesses to Northern Trust
UBS has agreed a long-term partnership for fund administration with Northern Trust. Under the agreement, the bank is transferring the former Credit Suisse fund administration businesses in Switzerland and Luxembourg to Northern Trust.
UBS, a major bank headquartered in Zurich, has reached an agreement to extend its long-standing relationship with Northern Trust, an asset manager based in Chicago, Illinois. According to a statement, under this agreement, UBS will transfer the former Credit Suisse fund administration businesses in Switzerland and Luxembourg to Northern Trust.
The transfer will include businesses related to traditional and alternative funds in Switzerland and Luxembourg. The transactions are expected to close in the second quarter of 2027. After, UBS will exit the fund administration business. The migration of the fund administration services to Northern Trust will be carefully managed in a phased approach over a period of two years.
“Fund administration is increasingly technology-led and scale-driven,” explained Andreas Toscan, Head of Institutional Clients and Global Asset Servicing at UBS. “With this step, we are further focusing our asset servicing offering on our core strengths to meet clients’ evolving needs, while enabling them to benefit from Northern Trust’s leading fund administration capabilities and commitment to continuously invest in the long-term development of their platform.” Clive Bellows, Co-President of Asset Servicing and Head of Europe, the Middle East and Africa at Northern Trust, is pleased with the agreement reached with UBS and sees it as testament to “the quality of our people, the strength of our platform and our shared commitment to delivering outstanding outcomes for clients”.
In parallel, UBS has decided to simplify the operating model of its Luxembourg Management Company to focus primarily on serving its in-house funds.
Source: swisstrade
https://swisstrade.com/news