In line with our strategy to focus on the areas where we deliver the greatest value for clients and drive future growth, UBS has reached an agreement to extend its long-standing fund administration relationship with Northern Trust and transfer its fund administration businesses. Under the new agreements, subject to regulatory approvals:

• UBS’s Swiss and Luxembourg Management Companies will extend their existing fund administration agreement with Northern Trust to include investment funds that are currently serviced by UBS; and
• UBS will transfer the former Credit Suisse traditional and alternatives fund administration businesses based in Luxembourg and Switzerland to Northern Trust. The transaction is expected to close in 2Q 2027, and 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.

Andreas Toscan, Head of Institutional Clients and Global Asset Servicing, UBS, said: “Fund administration is increasingly technology-led and scale-driven. 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 Asset Servicing and Head of Europe, the Middle East and Africa, Northern Trust, said: “We are delighted to reach this agreement with UBS, further strengthening a trusted relationship that has developed over many years. This expanded mandate is a testament to the quality of our people, the strength of our platform and our shared commitment to delivering outstanding outcomes for clients.”

UBS also announces changes to its Management Company services in Luxembourg

In parallel, UBS has decided to simplify the operating model of its Luxembourg Management Company to focus primarily on serving its in-house funds. Universal Investment has been selected as the preferred Third-Party Fund Management Company, reflecting UBS’s commitment to securing a long-term solution for its White Labelling clients in Luxembourg.

Francesca McDonagh, Chief Executive Officer of Universal Investment Group: “We are delighted to have been chosen by UBS as a trusted ManCo partner, enabling its clients to benefit from Universal Investment’s nearly 60 years of expertise and our long-standing presence in Luxembourg. We are committed to delivering a seamless transition, with a strong focus on service continuity and disciplined execution.”

Additional information

• UBS Asset Management sold its Swiss and Luxembourg traditional fund administration business to Northern Trust in 2017, and signed a long-term servicing agreement.
• Credit Suisse’s fund administration business was integrated into UBS as part of the Credit Suisse acquisition.

Source: UBS