UBS Ends Apollo Management Deal Struck by Credit Suisse
- Both sides agree to end management, service agreements
- UBS sought to renegotiate deal after Credit Suisse takeover
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UBS Group AG agreed to sell $8 billion in unwanted assets to Apollo Global Management Inc. as part of the carve-out of Credit Suisse’s securitized products group, after renegotiating key parts of the accord.
The revised deal will end a contentious investment management arrangement with Apollo as well as a transition service agreement that Credit Suisse had entered into shortly before it collapsed into the arms of its larger rival.