UBS transfers Credit Suisse fund units to Northern Trust

UBS Group AG has agreed to transfer its former Credit Suisse fund administration businesses in Switzerland and Luxembourg to Northern Trust Corporation. The transaction covers traditional and alternative fund administration operations in both jurisdictions. Subject to regulatory approvals, the deal is scheduled to close in the second quarter of 2027, with the client migration occurring in phases over two years as UBS exits the fund administration business.

The transfer builds on an earlier pact from 2017, when UBS Asset Management sold its own Swiss and Luxembourg traditional fund administration operations to Northern Trust under a long-term servicing agreement. UBS expects the integration of Credit Suisse to be substantially completed by the end of 2026. Shedding these non-core administrative units is intended to lower operational complexity and infrastructure costs, allowing the bank to focus on wealth management, asset management and investment banking. UBS is also streamlining its Luxembourg Management Company services to support in-house funds.

For Northern Trust, the mandate expands its asset servicing franchise. Custody and fund administration fees accounted for 67.4% of Northern Trust's total asset servicing fees in the six months ended June 30, 2026. Over the past six months, UBS shares listed on the NYSE have gained 17.2%, outpacing the broader industry's 11.4% gain.