UBS Group has signed an agreement to sell its 100% holding in Credit Suisse Insurance Linked Strategies Ltd to the CSILS management team led by Niklaus Hilti.
Upon closing, CSILS will operate independently from UBS under a new name and will continue to manage the funds and single investor fund mandates.
“We are incredibly excited about this strategic transaction for us which marks another significant milestone in the journey of the CSILS team. It reinforces our commitment to our clients and marks a pivotal moment that allows us to build on our strong foundation and focus on our mission and innovation, while maintaining the highest standards of excellence in everything we do,” said Niklaus Hilti, CEO of CSILS.
“CSILS has been an established platform in the insurance linked asset management industry with a track record stretching back 21 years. This management buy-out will ensure a high level of continuity for investors and we are confident that Niklaus and team are well-positioned to take the business forward,” added Barry Gill, Head of Investments at UBS Asset Management.
The transaction is expected to close in the second half of the year, subject to regulatory approvals.