UBS to Transfer Credit Suisse Fund Administration Units to Northern Trust

Zacks Investment Research··CHLUUS·Read original
3▲3 ▼0Impact / 5
Summary · why it matters

UBS Group AG has agreed to transfer its former Credit Suisse fund administration businesses in Switzerland and Luxembourg to Northern Trust Corporation. Subject to regulatory approvals, the transaction is expected to close in the second quarter of 2027 and will cover Credit Suisse's traditional and alternatives fund administration businesses in both markets, with migration expected to take place in phases over two years as UBS Group exits the fund administration business. The deal builds on a long-standing relationship between the two firms, dating to 2017, when UBS Asset Management sold its Swiss and Luxembourg traditional fund administration operations to Northern Trust and entered into a long-term servicing agreement. The move comes as UBS Group approaches the final stages of integrating Credit Suisse, with that integration expected to be substantially completed by the end of 2026, and is intended to reduce infrastructure, resources and operational complexity while letting UBS focus on wealth management, asset management and investment banking. For Northern Trust, the expanded mandate creates a growth opportunity in fund administration and asset servicing, where custody and fund administration fees accounted for 67.4% of total asset servicing fees in the six months ended June 30, 2026. Separately, Deutsche Bank agreed in July 2026 to sell its retail banking, affluent private banking and wealth management business in India to Kotak Mahindra Bank, a deal expected to close by September 2027 subject to regulatory approvals and expected to be accretive to Deutsche Bank's CET1 ratio.

Impact on assets 3

Financials▲
Northern Trust Corporation
NTRS
▲ PositiveDemandrelevance

Northern Trust takes over Credit Suisse's Swiss and Luxembourg fund administration businesses, expanding its fund administration and asset servicing mandate.

UBS Group AG
UBSG
▲ PositiveCapitalrelevance

UBS is transferring its former Credit Suisse fund administration units to Northern Trust as it exits the business, reducing infrastructure and operational complexity while focusing on wealth management, asset management and investment banking.

Deutsche Bank Aktiengesellschaft
DBK
▲ PositiveCapitalrelevance

Deutsche Bank agreed to sell its India retail, private banking and wealth management business to Kotak Mahindra Bank, a deal expected to be accretive to its CET1 ratio.

Off-coverage companies 1

Kotak Mahindra Banki
Private± Mixedrelevance