UBS offloads Luxembourg white-label ManCo service to Universal Investment

UBS is streamlining the operating model of its Luxembourg Management Company (ManCo) to focus on serving its in-house funds.

Clients who use a white-label service through UBS will be able to transition to Universal Investment, UBS’s preferred third-party fund management company in Luxembourg.

Universal – which has an established Luxembourg business – is continuing to invest in its ManCo and fund services capabilities.

Both firms have stated a commitment to supporting a smooth and client-focused transition, with a strong emphasis on service continuity and disciplined execution.

Francesca McDonagh, CEO of Universal Investment Group, said: “We are delighted to have been chosen by UBS as a trusted ManCo partner, enabling its clients to benefit from Universal Investment’s nearly 60 years of expertise and our long-standing presence in Luxembourg.

“We are committed to delivering a seamless transition, with a strong focus on service continuity and disciplined execution.”

UBS is also transferring the former Credit Suisse fund administration businesses in Switzerland and Luxembourg to Northern Trust.

Subject to regulatory approvals, UBS’s Swiss and Luxembourg Management Companies will extend their existing fund administration agreement with Northern Trust to include investment funds that are currently serviced by UBS. The transaction is expected to close in the second quarter of 2027, when UBS will exit the fund administration business.

Andreas Toscan, head of institutional clients and global asset servicing at UBS, said: “Fund administration is increasingly technology-led and scale-driven. With this step, we are further focusing our asset servicing offering on our core strengths to meet clients’ evolving needs, while enabling them to benefit from Northern Trust’s leading fund administration capabilities and commitment to continuously invest in the long-term development of their platform.”

Clive Bellows, co-president asset servicing and head of Europe, the Middle East and Africa, Northern Trust, added: "We are delighted to reach this agreement with UBS, further strengthening a trusted relationship that has developed over many years. This expanded mandate is a testament to the quality of our people, the strength of our platform and our shared commitment to delivering outstanding outcomes for clients.”