UBS Asset Management, a division of Swiss banking giant UBS Group, has announced plans to transfer its Quantitative Investment Strategies (QIS) business to Manteio Partners LLC and its affiliates.

The deal, which involves approximately $1.5 billion in assets under management, is expected to close in the fourth quarter of 2024, subject to regulatory and investor approvals.

Under the agreement, the QIS portfolio management team will move to Manteio Partners, where they will operate as a distinct group. This arrangement aims to ensure continuity for investors as Manteio assumes responsibility for managing the QIS funds and mandates.

A spokesperson for UBS Asset Management stated, "This divestment aligns with our strategic focus and allows the QIS team to thrive within a specialised systematic investment management environment."

The news comes amidst a series of strategic decisions by UBS following its acquisition of Credit Suisse earlier this year. Just a day before this announcement, UBS revealed plans to liquidate a $2 billion real estate fund inherited from Credit Suisse. The bank had also recently disclosed its intention to sell Credit Suisse's US mortgage servicing business.

These moves follow UBS's impressive quarterly results, where profits doubled market expectations, bolstered by greater-than-anticipated savings from the Credit Suisse integration.

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