UBS Ditches BlackRock’s Aladdin Platform to Cut Fund Unit Costs
UBS Group AG has decided to discontinue its use of BlackRock Inc.'s Aladdin technology platform, which it had acquired from Credit Suisse. This move is part of UBS's ongoing efforts to integrate Credit Suisse's asset management division and reduce costs within its fund unit. The Aladdin platform, a widely used investment management system, had been utilized by Credit Suisse and was subsequently inherited by UBS as a result of the merger. However, UBS has now chosen to move away from this platform, likely seeking to streamline its operations and achieve cost savings. The decision to end the multimillion-dollar contract with BlackRock's Aladdin platform underscores UBS's commitment to optimizing its asset management business and adapting to the changing industry landscape. This strategic move could potentially enhance the bank's competitiveness and efficiency in the long run.
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