(Reuters) - UBS Asset Management, part of the UBS Group, will divest its Quantitative Investment Strategies (QIS) business to Manteio Partners LLC and its affiliates, it said on Friday.
The QIS portfolio management team, which oversees funds and mandates worth about $1.5 billion, will transfer to Manteio and operate as a distinct group within the company, UBS Asset Management said in a statement.
The transaction is expected to close in the fourth quarter, it added.
UBS said on Thursday that it would liquidate a $2 billion real estate fund it took over after buying Credit Suisse, the day after saying it would sell Credit Suisse's U.S. mortgage servicing business.
The bank on Wednesday posted quarterly profit that was double market expectations, boosted by greater-than-expected savings from the integration of its former rival.
(This story has been corrected to clarify that UBS Asset Management, part of the UBS Group, is divesting QIS, in the headline and paragraph 1)