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UBS Agrees To Sell Non-US Corporate Employee Financial Services Business

Tom Burroughes Group Editor London 20 December 2013

UBS Agrees To Sell Non-US Corporate Employee Financial Services Business

The non-US corporate employee financial services business of UBS Wealth Management is to be sold to Montagu Private Equity.

The corporate employee financial services business of UBS Wealth Management is to be sold to Montagu Private Equity, UBS announced today in a deal to further streamline the Swiss bank’s operations.

Terms of the deal, expected to be completed next year, were not disclosed in a statement issued by UBS.

The transaction does not affect UBS’s US-based Equity Plan Advisory Services business, it said.

CEFS International provides administrative services for employee equity plans to around 100 corporate clients in Europe and Asia.

“The agreement represents another step in UBS's effort to reduce the complexity of its operations,” UBS said.

CEFS International will be legally separated from UBS and transferred into its own legal entity. UBS said it expects the “vast majority” of CEFS International employees to transfer to the buyer.

“UBS’s US-based Equity Plan Advisory Services (EPAS) business, remains an integral part of UBS Wealth Management Americas' strategy and is unaffected by this transaction. EPAS provides equity compensation services to US-domiciled, multinational corporate clients and will continue to actively support and pursue current and prospective clients,” it added.

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