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 ManCo’s will extend their existing fund administration agreement with Northern Trust to include investment funds that are currently serviced by UBS, which will also 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 businesses to Northern Trust will be managed in a phased approach over a period of two years. UBS Asset Management sold its Swiss and Luxembourg traditional fund administration business to Northern Trust in 2017, signing a long-term servicing agreement.
In parallel, UBS has decided to simplify the operating model of its Luxembourg ManCo to focus primarily on serving its in-house funds. Universal Investment has been selected as the preferred third-party fund ManCo.