Private equity fund-of-funds firm Adams Street Partners is buying back the 24.9% stake in the company owned by UBS Global Asset Management, according to a letter to investors from CEO T. Bondurant French. Terms were not disclosed. UBS will continue to be a client of the firm, Mr. French stated.
Mr. French was traveling and could not be reached for comment. When UBS invested in Adams Street in 2001, it was anticipated that management would buy back UBS’ stake once the firm reached critical mass, said Karina Byrne, UBS spokeswoman.
“This is in no way related to the financial situation of UBS,” Ms. Byrne said, referring to the bank’s financial situation, including Tuesday’s announcement that the bank lost 11.5 billion Swiss francs ($10.9 billion) in the first quarter. The deal is expected to be completed in the second quarter.
