UBS has agreed to sell its Corporate Employee Financial Services (CEFS) International business to Montagu Private Equity for undisclosed sum.
CEFS International, part of UBS Wealth Management, provides administrative services for employee equity plans to around 100 corporate clients in Europe and Asia.
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UBS said that the sale agreement represents another step in its effort to reduce the complexity of its operations.
Under the terms of the agreement, CEFS International will be legally separated from UBS and transferred into its own legal entity.
As part of the move, UBS aims to transfer the majority of current CEFS International employees to the buyer.
UBS said that the deal does not impact its US-based Equity Plan Advisory Services (EPAS) business. It will remain an integral part of UBS Wealth Management Americas’ strategy and will be unaffected by this transaction.
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By GlobalDataEPAS provides equity compensation services to US-domiciled, multinational corporate clients and will continue to actively support and pursue current and prospective clients.
The transaction, which is subject to regulatory approvals, is expected to be completed in 2014.
