UBS Group (UBS) has discontinued its multimillion-dollar agreement with BlackRock's (BLK) Aladdin technology platform, which was carried over from Credit Suisse, as the Swiss bank advances the integration of its former competitor's asset management division, Bloomberg reported Thursday citing unnamed sources.
UBS ended the contract earlier this year and has been migrating crucial components, including numerous Credit Suisse funds, onto its own infrastructure, the report said adding that it aims to finish this transition by the end of the year.
The Aladdin deal with Credit Suisse commenced in 2019 and has generated between 50 million and 100 million Swiss francs (around $126 million) in revenue over that time, Bloomberg noted.
UBS and Blackrock didn't immediately reply to MT Newswires' request for comment
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