- August 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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UBS Asset Management to Divest QIS Business to Manteio Partners LLC
(Reuters) – UBS Asset Management, part of the UBS Group, announced on Friday that it will be divesting its Quantitative Investment Strategies (QIS) business to Manteio Partners LLC and its affiliates.
The QIS portfolio management team, responsible for overseeing funds and mandates worth approximately $1.5 billion, will be transitioning to Manteio and will operate as a separate entity within the company, according to a statement released by UBS Asset Management.
This transaction is anticipated to be finalized in the fourth quarter, providing an opportunity for both companies to strengthen their positions in the market.
UBS also mentioned its decision to liquidate a $2 billion real estate fund that it inherited following the acquisition of Credit Suisse, which comes on the heels of the announcement to sell Credit Suisse’s U.S. mortgage servicing business.
Additionally, the bank recently reported quarterly profits that exceeded market expectations, citing significant cost savings resulting from the integration of its former competitor.
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(This story has been corrected to clarify that UBS Asset Management, part of the UBS Group, is divesting QIS, in the headline and paragraph 1)
(Reporting by Louis van Boxel-Woolf, Editing by Rachel More, Emma-Victoria Farr)
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