This section of the Firm Brochure contains a general description of UBS Farmland Investors, LLC (also
referred to as “we,” “our,” the “Firm,” or “UBS Farmland Investors”), as well as information regarding
our ownership structure, the types of advisory services we provide and the investment instruments we
use, how we tailor advisory services to client needs, and our participation in managed account programs
(wrap fee programs).
General description and ownership
UBS Farmland Investors LLC is organized as a Massachusetts limited liability company and is a wholly
owned subsidiary of UBS Realty Investors LLC, which itself is a wholly owned subsidiary of UBS Americas
Inc., a wholly owned subsidiary of UBS Americas Holdings LLC, which in turn is owned by UBS AG and
ultimately by UBS Group AG, a publicly traded Swiss corporation (SIX and NYSE: UBS) (“UBS”). UBS
Farmland is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment
adviser pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our
headquarters are in Hartford, Connecticut.
The operational structure of UBS is comprised of the Corporate Center and four business divisions:
Global Wealth Management, Personal & Corporate Banking, Asset Management and the Investment
Bank. The UBS Asset Management business division was formed through the merger of Union Bank of
Switzerland and Swiss Bank Corporation in 1998. In 2000, the merger culminated in the integration of
the investment teams of the respective asset management businesses: UBS Asset Management, Brinson
Partners (Chicago firm established in the 1980s) and Phillips & Drew (London firm established in 1895).
In 2002, with the integration complete, the firm rebranded as UBS Global Asset Management, known
today as UBS Asset Management. On June 12 2023 UBS announced the legal closure of its acquisition
of Credit Suisse. An enhanced offering from UBS’s combination with Credit Suisse should help clients
achieve their financial goals, thanks to additional value, scale, services, and global reach.
The UBS Asset Management business division is itself divided into multiple separate businesses that
provide asset management services globally.
1. UBS Asset Management (Americas) LLC.(“UBS AM”) offers discretionary and non-discretionary
investment advisory, investment management and sub-advisory services to various clients through
their Equities, Fixed Income, and Investment Solutions platforms and wrap fee programs.
2. UBS O’Connor LLC (“O’Connor”), a wholly owned subsidiary of UBS AM, provides discretionary
and non-discretionary investment advisory services to various types of pooled investment
vehicles, pension or profit sharing plans, and institutional separately managed accounts.
3. UBS Hedge Fund Solutions ("HFS"), another wholly-owned subsidiary of UBS AM, offers
investment advisory services regarding investments in pooled investment vehicles, some of which
are registered under the Investment Company Act of 1940, as amended (the “Investment
Company Act”), as well as institutional and ultra-high net worth investors.
4. Real Estate & Private Markets (“REPM”) includes: UBS Realty Investors LLC (“UBS Realty”), which
is the primary U.S. real estate business within REPM; UBS Farmland Investors, a subsidiary of UBS
Realty and which is covered in this Firm Brochure. The direct infrastructure ("DI") and multi-
manager Real Estate; Private Equity; Infrastructure ("MM-RE/PE/Infra") business are covered
within the Brochure for UBS AM
5. UBS Asset Management Trust Company (the "Trust Company") acts as trustee and investment
manager to certain collective investment trusts.
6. UBS Fund Management Services ("FMS") provides administrative services primarily to traditional
investment funds domiciled outside of the United States.
7. Credit Suisse Asset Management LLC ("CS") is an indirect wholly owned subsidiary of UBS Group
AG, a publicly owned foreign bank holding company based in Switzerland. It has complementary
and additional products and services to those of UBS AM.
The UBS AM, O'Connor, HFS, UBS Realty, Trust Company FMS and CS businesses are not covered by
this Firm Brochure.
On March 1, 2024, UBS Asset Management (Americas) Inc. converted its legal form from a Delaware
corporation to a Delaware limited liability company and was renamed UBS Asset Management
(Americas) LLC. In addition to this company reorganization, UBS Asset Management expects to
complete an internal reorganization of certain businesses and to bring together
UBS and Credit Suisse
investment capabilities within the U.S., intended to streamline operations and bring together investment
capabilities. A step in that reorganization will be the merger of O’Connor and HFS with and into UBS
Asset Management (Americas) LLC, on or about April 1, 2024, with UBS Asset Management (Americas)
LLC being the surviving legal entity. Upon completion of this merger, O’Connor and HFS will no longer
be a distinct legal entity but instead will perform the investment advisory services it does today as
separate business units of UBS Asset Management (Americas) LLC as certain areas within REPM
Americas function today
Our predecessor, AgriVest Inc., was initially formed in 1983 by the officers of the Agricultural
Investment Division of Connecticut Mutual Life Insurance Company (“Connecticut Mutual”). In 1996,
the business was sold to Allegis Realty Investors and reorganized as AgriVest LLC. In December 1999,
AgriVest LLC was acquired by UBS AG and AgriVest LLC’s name was changed to UBS AgriVest LLC. In
March 2016, the name was changed to UBS Farmland Investors LLC.
UBS Farmland Investors has over 30 years of experience investing in farmland. Our predecessor
organization was one of the first firms appointed by tax-exempt institutions to manage agricultural real
estate equity investments; our senior officers’ experience with equity investments in permanent cropland
properties dates back to the early 1970s. They structured some of the first institutional equity
investments in permanent cropland properties when working together at Connecticut Mutual.
Type of advisory services
UBS Farmland Investors provides investment advisory services to its clients in connection with the
acquisition or sale and management of agricultural real estate assets. Crops typically grown on land
managed by UBS Farmland Investors include corn, soybeans, wheat, rice, cotton, various nuts, premium
wine grapes, apples and citrus fruits. In all, over 30 different types of fruits, nuts, vegetables and grains
are grown on land managed by UBS Farmland Investors.
The Firm currently manages a commingled vehicle, as well as individual farmland accounts, collectively
referred to as “accounts.” The accounts have appointed UBS Farmland Investors to provide investment
advisory services with respect to investing in portfolios of agricultural assets.
We may periodically seeks to offer new closed and open-end funds and separately managed accounts
investing in agricultural real estate.
Tailoring advisory services to client needs
Investors choosing to invest their assets in the commingled fund are purchasing shares of the
commingled fund and are not advisory clients of the Firm. The commingled fund is therefore managed
in accordance with guidelines set forth in the fund’s governing documents; underlying investors cannot
impose restrictions on the fund investments.
Separately managed agricultural account clients determine investment guidelines and restrictions, such
as limitations on how much can be invested in a property type or how much can be invested in any one
geographic region. Any such guidelines are communicated to us in writing. We then tailor an overall
strategy and an agricultural real estate investment plan designed to conform to the objectives,
guidelines and restrictions. If an agricultural real estate investment decision involves any action not
permitted under the applicable guidelines, the approval of the client is required prior to taking such
action.
Clients who invest through individually managed agricultural real estate accounts may be viewed as
advisory clients if they obtain securities-related advice with respect to any ancillary cash generated by
the agricultural real estate. These clients can impose investment guidelines or restrictions applicable to
their advisory agreements.
Providing portfolio management services to wrap fee programs
Our services are designed for institutional investors; we do not target our services to retail clients and we
do not participate in any wrap fee programs.
Assets under management
Client regulatory assets under management for UBS Farmland Investors as of December 31, 2023 are as
follows:
U.S. Dollar Amount
Discretionary: $ 0
Non-Discretionary $0
Total: $0
When counting and classifying regulatory assets under management only include those accounts and assets where we
provide securities related advice or meet the definition of private funds.
UBS Farmland Investors LLC manages $2.4 billion in agricultural investments as of December 31,
2023.