2020: UBS creates UBS Next venture fund for $200 million for investments into financial that
At the end of October, 2020 UBS Group about creation of venture fund of $200 million for investment into the financial technical-companies. By a new initiative financial giant she intends to carry out digitalization of the services and to find new methods of customer interaction.
The fund under the name UBS Next will be controlled a special command. The bank is interested in direct investments in financial technical-startups at an early stage and the technology companies. Within the project of UBS plans strategic cooperation with venchury company Anthemis which will help the Swiss company at execution of transactions.
Bloomberg considers that UBS was engaged in financial technologies against the background of growth of the competition and negative interest rates which reduce profitability. Besides, the pandemic of COVID-19 accelerated implementation of digital services even in such complex and traditional business as capital management. The bank already employed the former CEO of ING Groep NV Ralph Hamers which will be replaced in November by Sergio Ermotti and will head the world's largest company working in the field of digital banking.
The venture fund of the company is ready to invest from $5 million to $20 million in development of tools of financial technologies, such as blockchain or artificial intelligence and also in purchase of a minority stake of financial technical-startups. The bank estimates also other options of investments.
UBS follows a new trend of the market - the large companies even more often try to purchase or finance startups which can change traditional approaches to conducting banking activity. For example, in February, 2020 Morgan Stanley purchased for $13 billion the online broker of E*Trade Financial for expansion of digital opportunities and involvement of retail clients.[1]
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