UBS WEALTH Management yesterday sold its European stock benefit plans business to Montagu Private Equity, the owner of high street retailer Maplin Electronics.
The deal, which comes after a spate of sales by Montagu, comes as the Swiss bank seeks to offload its non-core assets from its balance sheet. Terms of the deal were not disclosed.
The company, Corporate Employee Financial Services (CEFS) International, operates employee share schemes for around 100 corporate firms across Europe serving about 780,000 people.
“UBS has developed CEFS International into one of the leading firms in the employee compensation plan industry in Europe and Asia,” Montagu director Mads Hansen said.
“Our research has shown that there is nevertheless clear scope for further organic and acquisitive growth.”
UBS Sergio Ermotti has previously said he wants to simplify and shrink the investment bank. UBS rose over two per cent in trading yesterday.