UBS weighs options to reopen Apollo deal for Credit Suisse’s SPG

UBS Group AG executives are weighing options to renegotiate parts of a deal Credit Suisse struck for its securitized products business, shortly before the troubled lender was acquired in an emergency takeover by its larger rival.

UBS Group AG executives are weighing options to renegotiate parts of a deal Credit Suisse struck for its securitized products business, shortly before the troubled lender was acquired in an emergency takeover by its larger rival.

UBS isn’t happy with the terms Credit Suisse agreed to when it sold large parts of the business to Apollo Global Management Inc., according to people familiar with the matter. Executives are particularly concerned about fees Credit Suisse agreed to pay Apollo to manage assets that remained on its books, and could try to renegotiate those, the people said.

No decisions have been made whether the lender will seek formal talks with Apollo, which would likely have to consent to a reopening of the deal, the people said, asking not to be identified as the matter is private. Representatives for UBS and Apollo declined to comment.