The merger between Credit Suisse Fund Management and UBS Fund Management (Luxembourg) was successfully in October 2024, marking a significant milestone for UBS Asset Management (Europe), which emerged as a new legal entity. , CEO of UBS AM Europe, highlighted in an interview with Paperjam that the integration was largely smooth, and the company is now preparing to integrate the Credit Suisse business, MultiConcept, which provides white-labelling services for third parties.
“By combining our two highly complementary fund management franchises, we have further strengthened our market position. With our combined operations, we are now among the top three management companies in Luxembourg,” said Prym. The integration also presented an opportunity to optimise the firm’s operating model, focusing on client segments, distribution countries and oversight. These optimisations, Prym evaluated, form the foundation of an efficient framework that supports future growth.
Luxembourg as a strategic hub
“Luxembourg plays a strategic role for UBS Asset Management, serving as a central hub for our Europe, the Middle East and Africa legal entities, some of which--like our Austrian, Dutch, Swedish, and Spanish entities--have already been transformed into branches of UBS AM (Europe),” noted Prym. She added, “Luxembourg wasn’t the only candidate for the role as the European hub but it was ultimately selected due to its stability and the quality of service providers.”
Reflecting on her leadership since taking the helm in 2019, Prym said, “We have undergone a significant transformation of our business in Luxembourg since.” According to Prym, the manco has enhanced its market presence, gained recognition from investors and stakeholders, expanded its offering to include both direct and indirect investment products, and obtained additional licenses for broader distribution. She pointed out that these achievements were the result of increased collaboration with local market participants and continued efforts to attract new talent.
Evolving European regulations
As the regulatory landscape in Europe continues to evolve, Prym emphasised the importance of agility and competitiveness. With the implementation of the Markets in Crypto-assets (Mica) regulation and the Digital Operational Resilience Act (Dora), she stressed the need for “early awareness, preparation and smart implementation to maintain agility and competitiveness.” Prym also highlighted UBS AM’s proactive engagement with regulators, peers and trade associations such as the Association of the Luxembourg Fund Industry (Alfi) and the European Fund and Asset Management Association (Efama). “UBS AM has established robust processes to identify and implement regulatory change not only in Europe but also globally,” she added, underscoring the firm’s global approach to regulatory compliance.
The ‘One Bank’ approach
One of the key drivers of UBS AM’s growth is its ‘One Bank’ approach, which encourages collaboration across divisions to deliver integrated solutions tailored to client needs, Prym said. This model, Prym noted, is exemplified by the launch of UBS AM’s unified global alternatives (UGA) unit on 1 January 2025. She explained that “with $286bn in invested assets, UGA manages and curates one of the world’s premier open architecture platforms across hedge funds, private equity, private credit, real estate, infrastructure and multi-alternative investment products, as well as provides access to exclusive co-investments and secondary market opportunities for our more sophisticated clients.”
Industry trends and challenges
Looking ahead to the rest of the year, Prym identified several trends shaping the asset management industry. “The asset management industry is facing fundamental pressures, including fee compression, rising costs and fewer new products,” said Prym. To address these challenges and “to drive growth and meet the evolving needs of our clients, we are focussing on our differentiated and scalable capabilities, including our alternatives offering and indexed solutions,” remarked Prym.
Diversity and inclusion
As a strong advocate for diversity and inclusion, Prym shared how UBS AM fosters a culture of inclusivity within the firm. She emphasised the company’s commitment “to recruit, develop and promote a diverse employee base with meritocracy at the forefront of any decision we make.”
“As a CEO, spouse and mother of two, I am passionate about promoting equality. While there is still more to be done across the industry, I have witnessed significant progress over the past decade,” Prym concluded.