UBS Asset Management (UBS AM) is set to wind up Credit Suisse’s Irish fund platform after transferring seven ETFs to its own ICAV.
In a shareholder notice, the Swiss asset manager said it would be transferring seven ETFs with $7.9bn assets under management (AUM) to newly created UBS AM ETFs spanning real estate, US equities and world equity exposures.
UBS AM said it was looking to consolidate its Irish platforms as part of a “broader merger project” after its acquisition of Credit Suisse last year.
“Shareholders … are advised that it is intended following the merger to wind-up the ICAV and to seek the revocation of its authorisation from the central bank,” UBS AM told shareholders.
The merging ETFs:
Merging ETF | Receiving ETF |
|---|---|
CSIF MSCI USA Blue UCITS ETF | UBS ETF MSCI USA NSL UCITS ETF |
CSIF MSCI World ESG Leaders Blue UCITS ETF | UBS ETF MSCI World ESG Leaders UCITS ETF |
CSIF MSCI USA Small Cap ESG Leaders Blue UCITS ETF | UBS ETF MSCI USA Small Cap ESG Leaders UCITS ETF |
CSIF MSCI USA Tech 125 ESG Universal Blue UCITS ETF | UBS ETF MSCI USA Tech 125 ESG |
CSIF MSCI World ESG Leaders Minimum Volatility Blue UCITS ETF | UBS ETF Factor MSCI World Minimum Volatility ESG Leaders UCITS ETF |
CSIF MSCI USA ESG Leaders Blue UCITS ETF | UBS ETF MSCI USA ESG Leaders UCITS ETF |
CSIF FTSE EPRA Nareit Developed Green Blue UCITS ETF | UBS ETF FTSE EPRA Nareit Developed Green UCITS ETF |
UBS AM added it has a “larger distribution network” than Credit Suisse, which will enable “greater opportunities for the funds to increase assets and attract new investors”.
The merger, subject to shareholder approval, will take place on 26 August.
Last September, KraneShares merged its S&P China 500 ETF with the “last remaining” ETF on ICBC Credit Suisse AM’s Luxembourg platform, the ICBCCS S&P China 500 UCITS ETF (CHIN).
UBS recently merged the $43m UBS ETF Bloomberg Euro Area Liquid Corporates UCITS ETF (UB99) into an ETF from its own range, the $674m UBS ETF Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (CBSE).
