Bär & Karrer Advises UBS on its Transfer of the Asset Management Business booked in Switzerland to UBS Asset Management Switzerland
On 23 July 2019, UBS reported that it has completed the transfer of its Swiss Asset Management business and all Asset Management subsidiaries outside the US into a separate Asset Management sub-group structure, which is as part of UBS’s efforts to improve the resolvability of the Group. Among other things, the portion of the Asset Management business in Switzerland conducted by UBS AG was transferred from UBS to its indirect subsidiary, UBS Asset Management Switzerland AG. This part of the transaction was conducted by way of a transfer of assets and liabilities under the Swiss Merger Act. UBS Asset Management Switzerland now operates as a FINMA licensed asset manager of collective investment schemes.
Bär & Karrer acted as external advisor in this transaction with respect to Swiss legal and tax issues in close cooperation with the project team as well as the legal and tax departments of UBS. The team included Urs Kägi, Daniel Küpfer, Annina Hammer and Linus Zweifel (all M&A/Corporate), Peter Hsu and Sandro Fehlmann (both Banking and Regulatory) as well as Susanne Schreiber and Kerem Altay (both Tax).