UBS Ditches BlackRock’s Aladdin Platform to Cut Fund Unit Costs

UBS Group AG has ended a multimillion dollar contract with BlackRock Inc.’s Aladdin technology platform that it inherited from Credit Suisse, as the Swiss bank continues to integrate its former rival’s asset management division.

The Zurich-based lender terminated the agreement earlier this year and has been moving key elements, including hundreds of Credit Suisse funds, onto its own systems, according to people familiar with the matter. It expects to complete the move by the end of this year.