UBS Asset Management, part of the UBS Group (NYSE: UBS), will divest its Quantitative Investment Strategies (QIS) business to Manteio Partners LLC and its affiliates, it said on Friday.
The QIS portfolio management team, which oversees funds and mandates worth about $1.5 billion, will transfer to Manteio and operate as a distinct group within the company, UBS Asset Management said in a statement.
The transaction is expected to close in the fourth quarter, it added.
UBS (NYSE: UBS) said on Thursday that it would liquidate a $2 billion real estate fund it took over after buying Credit Suisse, the day after saying it would sell Credit Suisse’s U.S. mortgage servicing business.
The bank on Wednesday posted quarterly profit that was double market expectations, boosted by greater-than-expected savings from the integration of its former rival.
(Source: Reuters)
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
