International Finance

UBS to start venture capital fund to invest in fintechs

UBS venture capital fund
UBS will invest between $10 mn and $20 mn of its own money

UBS Group is set to start a corporate venture capital fund with its own money which will invest in fintech startups around the globe, the media reported.

UBS will reportedly make investments between $10 million and $20 million in around 12 companies initially.

The UBS venture capital fund will exclusively back fintech projects in three broad categories – client engagement, investing and financing platforms, and startups improving underlying operations of the bank.

While the screening process for the fintech startups has already begun, the Switzerland-based financing company is also in the process of hiring a dedicated team to manage the fund.

Recently, UBS also announced that it is creating a global financing team, to be headed by Remi Mennesson, who is joining USB in November 2020. Currently, Remi Mennesson is a managing director at Credit Suisse.

Interestingly, UBS Group’s chief executive officer Sergio Ermotti is also set to become the new chairman of Swiss Re, according to media reports.

Sergio Ermotti is due to step down from his position of CEO at UBS Group in November this year. He is expected to join Swiss Re next year.

According to reports in the media, the global financing team will focus on corporate derivatives and structured solutions — which are developed through the UBS Structured Equity Solutions Group and Special Situations Group.

UBS co-president Rob Karofsky told the media, “It is creating efficiency, so any type of lending, corporate derivatives or structured financing will now go through this one team. It is a global team that is able to really, in an organised way, meet all of our clients’ needs on a local and global level.”

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