EUROPE - Universal Investment is to expand its Swiss presence, striking a deal with Reuss Private to create a number of private label - or mutual - funds.

The German fund administrator said the step was meant to internationalise the company, with its cooperation with Reuss seen as a "logical step" by Christian Rauner, head of private label funds and services at Universal.

"With the new tax treaty concluded between Switzerland and Germany, there are interesting prospects for Swiss asset managers and mutual funds in the German market," he said, noting that the treaty removed a number of obstacles previously in place.

Union said the partnership would allow it to win other Swiss asset managers as clients.

"This will primarily include the creation and administration of so-called private label funds," it added.

Adriano Lucatelli, managing partner at Reuss, said the collaboration would allow them to offer "top-level expertise" to clients.

Universal already manages a number of funds on behalf of both Swiss and German clients in Switzerland, counting Bank Sarasin and Hollinger Asset Management among its clients.

It currently administers €2bn in assets in the country.

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