UBS has revealed that the Credit Suisse Supply Chain Finance Funds have launched an offer to redeem fund units.
Fund investors who take the offer will be redeemed at 90% of the Net Asset Value determined on 25 February 2021, minus any payments given to fund investors since then, via newly constituted feeder sub funds.
The offer will be available from 17 June 2024 to 31 July 2024. Investors in mutual funds will get information about the redemption offer from their custodian; users should study the conditions and disclosures included in the offer.
Moreover, the offer intends to provide fund investors with certainty, a faster exit from their positions, and a strong level of financial recovery.
It will enable an earlier departure from fund investments compared to payouts throughout the continuing recovery phase.
UBS will finance the offer by acquiring units of the feeder sub funds. It is anticipated that the offer will not significantly impact UBS Group’s financial performance or CET1 capital, taking into account the provisions made in regard to the purchase of Credit Suisse Group.
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In relation to the offer, UBS anticipates recording a provision in 2Q24 of about $0.9bn on a consolidated basis. On its own, UBS is not anticipated to see any significant effects.
The Supply Chain Finance Funds investment will be handled as a component of UBS’s Legacy and Non-Core portfolio.
Furthermore, earlier this month, The Deep Tech Nation Switzerland Foundation, created by UBS and Swisscom, aim to mobilise CHF50bn over 10 years for Swiss start-ups and scale-ups in the deep tech sector, indirectly generating up to 100,000 new jobs by improving framework conditions and increasing financing for innovation.
Switzerland excels in innovation, due to its unique education system and research facilities, but lacks venture capital, particularly in the research-intensive deep tech sector, for commercialisation.
The Deep Tech Nation Switzerland Foundation aims to establish Switzerland as a nation for deep tech-based solutions that actively contribute to societal challenges such as nutrition, climate protection, energy supply, health, and education.
