M&A - CREDIT SUISSE ASSET MANAGEMENT LLC/NY

Form Type: 40-APP

Filing Date: 2025-05-05

Corporate Action: Merger

Type: New

Accession Number: 000121390025039626

Filing Summary: Credit Investments Group, a business unit of UBS AG, filed an application with the SEC for temporary and permanent orders exempting them from provisions of the Investment Company Act of 1940, due to recent legal proceedings involving Credit Suisse Services AG (CSSAG), a subsidiary of UBS Group. This application seeks relief following a plea agreement related to tax evasion allegations against CSSAG that arose from conduct prior to its merger with UBS. CSSAG and UBS AG are seeking to avoid disqualification under the Act that would prevent them from acting as advisers to certain investment funds. The merger between UBS and Credit Suisse was facilitated by the Swiss government in response to systemic risk concerns, and the integration of operations and fund management across the two entities is ongoing. The applicants argue that the misconduct is limited to CSSAG and does not involve their fund servicing entities, claiming that barring them from providing services would harm shareholders and investment companies, which rely on their expertise.

Form Type: 40-APP/A

Filing Date: 2025-05-05

Corporate Action: Merger

Type: Update

Accession Number: 000121390025039701

Filing Summary: On May 5, 2025, UBS Asset Management and its subsidiaries filed an application for temporary and permanent exemptions under the Investment Company Act of 1940 following significant legal issues related to Credit Suisse Services AG (CSSAG). This action arises from the merger of Credit Suisse into UBS Group whereby CSSAG, previously an entity of Credit Suisse, faced a plea agreement linked to tax evasion charges. The filing aims to secure exemptions from disqualification clauses that would impede UBS's asset management operations. As part of the ongoing merger process initiated in March 2023 and completed by June 2023, CSSAG is set to merge with UBS Business Solutions AG, with operational liabilities being absorbed into UBS. The effectiveness of the merger and reorganization is crucial for maintaining UBS's fund servicing activities without interruption. The filing specifies numerous subsidiaries of UBS involved in the application. A temporary order is sought to prevent disruption until a decision on the permanent order is rendered.