UBS sells off pension business

Swiss bank UBS has sold its pension business based in its wealth management arm to Broadstone Pensions and Investments. Terms were not disclosed. The deal will see the six-man team at the UBS London office transfer over to Broadstone’s office in Baker Street once the deal is completed. The former UBS Corporate Pensions business serves defined contribution pension schemes which typically have between 100 and 1,500 members. Broadstone boss Mark Howlett said there was a “high level of synergy”.