Swiss investment bank UBS AG on Thursday said that it would sell its administrative services arm for employee equity plans to London-based private equity firm Montagu Private Equity. The deal is part of UBS' drive to simplify its operations.
According to a report by Reuters, UBS expects the sale of Corporate Employee Financial Services (CEFS) International to close in 2014, pending regulatory approval. CEFS provides administrative services for employee equity plans to around 100 corporate clients.
UBS, however, gave no further details of the deal, the report said.
UBS is the biggest bank in Switzerland, operating in more than 50 countries with about 63,500 employees globally as of 2012, its website said. It is considered the world's largest manager of private wealth assets, with over CHF2.2 trillion in invested assets, according to a research by JPMorgan Chase & Co.
Based on its latest financial report, UBS has a total of CHF1.26 trillion assets under management. It generated a revenue of CHF25.44 billion last year and has a total equity of CHF45.86 billion during the same period.
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