UBS today announced that it has signed an agreement with Montagu Private Equity to sell its Corporate Employee Financial Services (CEFS) International business. The terms of the deal will not be disclosed. The sale is expected to close in 2014 and does not impact UBS’s US-based Equity Plan Advisory Services (EPAS) business.
Zurich/Basel, 19 December 2013 – CEFS International, part of UBS Wealth Management, 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.
CEFS International will be legally separated from UBS and transferred into its own legal entity. The transfer and sale is expected to be completed in 2014, subject to regulatory approvals. UBS expects the vast majority of current 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.