UBS has reached an agreement to extend its fund administration relationship with Northern Trust and transfer its former Credit Suisse fund administration businesses in Switzerland and Luxembourg.
The proposed arrangement, which remains subject to regulatory approval, will expand Northern Trust’s existing administration mandate with UBS’s Swiss and Luxembourg Management Companies.
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The scope will include investment funds currently administered by UBS.
Northern Trust will take over the traditional and alternative fund administration businesses that UBS inherited from Credit Suisse in the two countries.
Completion is expected in the second quarter of 2027.
The transfer will be handles in a phased manner over two years, as the services move to Northern Trust.
UBS will simplify the operating model of its Luxembourg Management Company, which will focus mainly on its in-house funds.
Universal Investment has been chosen as the preferred Third-Party Fund Management Company for UBS’s white labelling clients in Luxembourg.
UBS Institutional Clients and Global Asset Servicing head Andreas Toscan said: “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.”
UBS Asset Management transferred its Swiss and Luxembourg traditional fund administration business to Northern Trust in 2017 under a long-term servicing agreement.
Credit Suisse’s fund administration business became part of UBS following the acquisition.
