Finance
UBS Comfortable With Exposure to Private Credit Funds, CFO Says
Published by Global Banking & Finance Review®
Posted on March 17, 2026
2 min readLast updated: March 17, 2026
Quick Summary
UBS CFO Todd Tuckner says he’s comfortable with the bank’s exposure to private credit funds despite mounting market scrutiny, and confirms the group will maintain its cost‑income ratio target while the Swiss business may face pressure from weak net interest income under a 0% SNB rate.
UBS comfortable with exposure to private credit funds, CFO says
UBS CFO Addresses Private Credit Exposure and Business Outlook
Private Credit Sector Concerns
ZURICH, March 17 (Reuters) - UBS Chief Financial Officer Todd Tuckner said on Tuesday he was comfortable with the Swiss bank's degree of exposure to private credit funds amid market jitters about potential risks lurking in the sector.
Sentiment over private credit has been hit by concerns over valuations and transparency, and cases like the bankruptcy of auto-parts supplier First Brands and car dealership Tricolor.
Tuckner said he was not concerned with where UBS stood.
"I'm comfortable with the level of exposure that we have," Tuckner said, speaking at a Morgan Stanley conference.
Interest Rate Impact on UBS Business
Swiss National Bank's Benchmark Rate
Tuckner was also asked about how the Swiss National Bank's current benchmark interest rate of 0% could impact business.
Cost-Income Ratio Targets
He said it was possible the bank's Swiss business could fall just short of its underlying cost-income ratio target at the end of 2026 because of pressure on net interest income.
He added later that the bank was sticking to its underlying cost-income ratio target for the whole group this year.
Credit Suisse Integration Progress
Client Migration Completion
UBS acquired Credit Suisse in 2023 after its old rival collapsed, and Tuckner said in the coming days the migration of its clients to UBS systems in Switzerland would be concluded.
"That will complete the entirety of the client migrations that we've had from Credit Suisse platforms onto UBS platforms across the globe," Tuckner said.
Final Integration Stage
Decommissioning Credit Suisse Platform
That would allow UBS to undertake the last stage of the integration, decommissioning the entire Credit Suisse platform, a step that would save the bank a lot of money, he added.
(Writing by Dave Graham, Editing by Friederike Heine)
Key Takeaways
- •UBS maintains confidence in its private credit exposure amid concerns over valuation and transparency in the sector, including cases like First Brands and Tricolor (investing.com)
- •Private credit has surged globally—over $2 trillion in 2026—with vulnerabilities highlighted by recent bankruptcies and liquidity strains (integrity-research.com)
- •UBS aims to meet its group‑wide cost‑income ratio target for 2026, though its Swiss business may fall short due to SNB’s 0% benchmark rate impacting net interest income (ubs.com)
References
Frequently Asked Questions about UBS comfortable with exposure to private credit funds, CFO says
1What is UBS's stance on its exposure to private credit funds?
UBS CFO Todd Tuckner said he is comfortable with the bank's current degree of exposure to private credit funds.
2Why are there concerns about private credit funds?
Concerns include issues over valuations, transparency, and recent bankruptcies such as First Brands and Tricolor.
3How could the Swiss National Bank's interest rate affect UBS?
The current 0% interest rate could cause the Swiss business to slightly miss its cost-income ratio target by 2026 due to net interest income pressure.
4Does UBS plan to maintain its cost-income ratio target?
Yes, UBS intends to stick to its underlying cost-income ratio target for the whole group this year.
5Where did UBS CFO Todd Tuckner make these comments?
Todd Tuckner spoke about these topics at a Morgan Stanley conference.
