Report of Foreign Issuer (6-k)
21 Januar 2020 - 1:32PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: January 21, 2020
UBS Group AG
Commission File Number: 1-36764
UBS AG
Commission File Number: 1-15060
(Registrants' Names)
Bahnhofstrasse 45, Zurich, Switzerland, and
Aeschenvorstadt 1, Basel, Switzerland
(Address of principal executive offices)
Indicate by check mark whether the registrants file or
will file annual reports under cover of Form 20‑F or Form 40-F.
Form 20-F x Form
40-F o
This Form 6-K consists of the new release which appears immediately
following this page.
Investor
Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
21 January 2020
|
News Release
|
UBS
announces agreement to sell a majority stake in UBS Fondcenter, its B2B fund
distribution platform, to Clearstream
|
|
UBS Fondcenter will be combined
with Clearstream's Fund Desk to create a leading global B2B fund distribution
platform with approximately USD 230bn in Assets under Administration (AuA).
As part of the transaction, UBS
and Clearstream will enter into long-term commercial cooperation
arrangements.
Increased scale and breadth of
capabilities and extended local presence are expected to provide a compelling
proposition for distributors and fund providers.
Upon closing, which is currently expected
in the second half of 2020, UBS expects to recognize a post-tax gain of
approximately USD 600 million and CET1 capital increase of approximately USD
400 million.
|
|
Zurich / Basel, 21 January 2020 – UBS Group AG
and UBS AG today announce that UBS has agreed to sell a majority stake (51.2%)
in UBS Fondcenter ('Fondcenter'), part of its Asset Management business
division (’UBS AM’), to Clearstream, Deutsche Börse Group's post-trade services
provider. Upon closing of the transaction, Fondcenter will be combined with
Clearstream's Fund Desk business, creating a top two B2B fund distribution
platform with a presence in Europe, Switzerland and Asia. UBS will initially
retain a minority (48.8%) shareholding in the combined business and will enter
into an agreement under which it may sell its remaining shareholding to
Clearstream at a later time.
The newly-combined business, to be called
Fondcenter, will have over USD 230 billion in AuA and connect approximately 340
distribution partners with more than 450 fund providers, with over 75,000
investment funds and share classes available globally. As part of the
transaction, UBS and Clearstream will enter into long-term commercial
cooperation arrangements for the provision of services to UBS's Global Wealth
Management and Asset Management business divisions and the Corporate and
Institutional Clients unit of Personal & Corporate Banking.
Sergio P. Ermotti, CEO UBS Group AG, said:
"We are delighted to reach this agreement with Clearstream, building on
the successful relationship we have had with them and Deutsche Börse Group for
many years. Through this transaction, and our long-term cooperation
arrangements, we can achieve greater scale and breadth of offering for our
clients and create significant value for our shareholders."
Commenting on the transaction, UBS AM President,
Suni Harford, said: “With the increased breadth of capabilities and
Clearstream's long-term commitment to develop the combined business, we are
creating a highly compelling proposition for our clients." She added:
"At the same time, this move enables us to further focus the Asset
Management business on the execution of our strategic priorities to drive
further profitable growth.”
The employees of Fondcenter will transfer to Clearstream
as part of the sale and the management team will take senior positions within
the combined business, providing continuity for clients and fund providers.
UBS Group AG, News
Release, 21 January-2020 Page
1
of 2
Investor
Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
The transaction is subject to customary closing
conditions and is expected to close in the second half of 2020. Upon closing,
UBS expects to recognize a post-tax gain of approximately USD 600 million and a
CET1 capital increase of approximately USD 400 million UBS will deconsolidate
Fondcenter and account for its minority interest as an investment in an
associate.
Investor contact
Switzerland: +41-44-234 41 00
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
Notice to investors
This document and the information
contained herein are provided solely for information purposes, and are not to
be construed as a solicitation of an offer to buy or sell any securities or
other financial instruments in Switzerland, the United States or any other
jurisdiction. No investment decision relating to securities of or relating to
UBS Group AG, UBS AG or their affiliates should be made on the basis of this
document. Refer to UBS’s third quarter 2019 report and its Annual Report on
Form 20-F for the year ended 31 December 2018 for additional information. These
reports are available at www.ubs.com/investors.
Cautionary statement regarding
forward-looking statements
This document contains statements that
constitute forward-looking statements. While these statements represent UBS’s
judgments and expectations concerning the matters described, a number of risks,
uncertainties and other important factors could cause actual developments and
results to differ materially from UBS’s expectations. Additional information
about those factors is set forth in documents furnished and filings made by UBS
with the US Securities and Exchange Commission, including the third quarter
2019 report and the Annual Report on Form 20-F for the year ended 31 December 2018.
UBS undertakes no obligation to update the information contained herein. UBS
specifically prohibits the redistribution or reproduction of this material in
whole or in part without the prior written permission of UBS, and UBS accepts
no liability whatsoever for the actions of third parties in this respect.
UBS Group AG, News
Release, 21 January-2020 Page
2
of 2
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly
authorized.
UBS Group AG
By: _/s/ David Kelly______________
Name: David Kelly
Title: Managing Director
By: _/s/ Ella Campi ______________
Name: Ella Campi
Title: Executive Director
UBS AG
By: _/s/ David Kelly______________
Name: David Kelly
Title: Managing Director
By: _/s/ Ella Campi ______________
Name: Ella Campi
Title: Executive Director
Date: January 21, 2020
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