UBS Transfers Fund Administration Businesses to Northern Trust
UBS will exit the fund administration business by transferring its Switzerland and Luxembourg operations to Northern Trust in a deal expected to close by 2027.
UBS agreed to transfer its fund administration businesses in Switzerland and Luxembourg to Northern Trust, marking a complete exit from the fund administration sector. The transaction includes traditional and alternatives fund administration businesses previously held by Credit Suisse, which UBS acquired in 2023.
Services will migrate to Northern Trust in phases over a two-year period. The deal remains subject to regulatory approvals and is projected to close in the second quarter of 2027. Andreas Toscan, head of institutional clients and global asset servicing at UBS, stated that the move allows the bank to focus on core strengths while providing clients with Northern Trust's capabilities.
As part of a broader simplification of its Luxembourg management company to prioritize in-house funds, UBS selected Universal Investment as the preferred third-party fund management company for its white-labelling clients in Luxembourg. These clients will be offered the opportunity to transition to the Universal Investment platform.
