UBS Fund Management Absorbs Credit Suisse Funds AG in Merger

UBS Fund Management (Switzerland) AG absorbed Credit Suisse Funds AG through a merger on April 30, 2024. Credit Suisse Funds AG ceased to exist, with all its interests and assets now under UBS Fund Management's control.

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Nitish Verma
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UBS Fund Management Absorbs Credit Suisse Funds AG in Merger

UBS Fund Management Absorbs Credit Suisse Funds AG in Merger

In a significant development in theSwiss financial sector, UBS Fund Management (Switzerland) AG has absorbed Credit Suisse Funds AG through a merger on April 30, 2024. The merger has resulted in the aggregation of the interests of both entities, with Credit Suisse Funds AG ceasing to exist and UBS Fund Management (Switzerland) AG emerging as the surviving entity.

Why this matters: This merger has significant implications for the Swiss financial sector, potentially leading to a consolidation of resources and expertise. As a result, UBS Fund Management may strengthen itsposition in the market, which could have a ripple effect on the global financial industry.

The merger, which took place in Basel, Switzerland, was triggered by the disclosure requirements outlined in Article 22, Paragraph 1(b) of the FMIO-FINMA. The notification of collective investment schemes was published on May 8, 2024, with a notification ID of 95e58c52-be79-4dff-913a-3d312fe9da73.

According to the entry in the commercial register, the total number of voting rights held by UBS Fund Management (Switzerland) AG is 55,400,000. However, the full disclosure reveals that the total voting rights held by the surviving entity is less than 3%.

The absorption of Credit Suisse Funds AG by UBS Fund Management (Switzerland) AG marks a significant consolidation in the Swiss fund management industry. The merger has resulted in the pooling of resources and expertise, potentially strengthening UBS Fund Management's position in the market.

As of April 30, 2024, Credit Suisse Funds AG has ceased to exist as a separate legal entity, with all its interests and assets now under the control of UBS Fund Management (Switzerland) AG. The disclosure of this merger is in line with the regulatory requirements set forth by the Swiss Financial Market Supervisory Authority (FINMA).