Zurich / Basel, 1 October 2020 – UBS Group AG and UBS AG today announce the successful completion of the sale of a majority stake (51.2%) in Fondcenter AG ('Fondcenter') to Clearstream on 30 September. The newly-combined business, to be called Clearstream Fund Centre, has over USD 290 billion in Assets under Administration and provides fund distributors with access to over 70,000 funds worldwide.
As previously announced, UBS will hold a minority (48.8%) shareholding in the combined business following completion of the sale. As part of the transaction, UBS and Clearstream have entered into long-term commercial cooperation arrangements for the provision of services to UBS, including UBS's ongoing use of the Clearstream Fund Centre platform.
Michael Kehl, Head of Products at UBS Asset Management, said: “In Clearstream, we have a trusted owner to further develop and grow the business. The combined Fund Centre platform is well-placed for the future and we wish the team every success as they take the business forward.”
Bruno Marxer, Head of CIO Global Mandates & Investment Content at UBS Global Wealth Management, said: “We look forward to working with the Clearstream Fund Centre team and to continue leveraging the platform’s leading capabilities as the preferred provider for UBS Global Wealth Management.”
Following the sale, UBS will recognize a post-tax gain of approximately USD 600 million and a CET1 capital increase of approximately USD 400 million. UBS will deconsolidate Fondcenter and account for its minority interest as an investment in an associate.
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This document and the information contained herein are provided solely for information purposes, and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this document. Refer to UBS’s third quarter 2019 report and its Annual Report on Form 20-F for the year ended 31 December 2018 for additional information. These reports are available at www.ubs.com/investors.
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