UBS said today that it has closed on the sale of roughly $15 billion of primarily subprime and Alt-A U.S. RMBS to a newly created distressed asset fund that will be managed by BlackRock.

“Risk reduction remains a critical part of our ongoing financial restructuring and this sale is a big step toward further reducing our positions in this asset class," Marcel Rohner, group chief executive officer of UBS said in a release from the bank. "We continue to manage our legacy risks in a flexible and creative way in the best interests of our shareholders.”

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