By Steven Arons | Updated on Oct 06, 2026 at 11:53 AM
UBS Group AG agreed to divest from a fund administration unit it inherited through the takeover of Credit Suisse as it continues to integrate its former rival.
The Swiss lender transferred the business to Northern Trust and extended an existing partnership with the US company, according to a statement Tuesday. UBS previously concluded a similar deal with the asset management services firm almost a decade ago.
The transaction means UBS is exiting the fund administration business for good. The divestment also marks another step in its ongoing effort to handle the leftovers of Credit Suisse, which the bank bought in an emergency deal engineered by the Swiss government in early 2023. The long-running integration is on track to conclude by the end of this year.
UBS is currently seeking to dissuade Switzerland from imposing hefty new capital requirements that are designed to account for its increased size following the Credit Suisse acquisition and the heightened risk that could pose to the national economy in the event of a crisis. A recent vote in the parliament’s upper house has decreased UBS’s chances of swaying lawmakers, and the lower house is next to discuss the matter.
Read More: UBS Faces Swiss Exit or Stay-and-Pay as Capital Defeat Nears
The Northern Trust deal is expected to close in the second quarter next year and UBS “will exit the fund administration business” as a result, it said in the statement. The migration of the fund administration services will be “carefully managed in a phased approach over a period of two years,” it said.
UBS Asset Management sold its Swiss and Luxembourg traditional fund administration business to Northern Trust in 2017, and signed a long-term servicing agreement at the time.