Asset Management
Northern Trust Acquires UBS Fund Administration Units In Switzerland, Luxembourg
The US firm is acquiring units from UBS in Switzerland and Luxembourg.
Northern Trust has agreed to acquire UBS Asset Management's fund administration servicing units in Switzerland and Luxembourg for an undisclosed sum.
When the deal is complete, US-headquartered Northern Trust will take responsibility for SFr420 billion ($413 billion) in assets.
The acquisition will enable Northern Trust to expand its presence in Luxembourg and gain local fund administration capabilities in Switzerland, Northern Trust said in a statement today.
The transaction is expected to close in the second half of 2017, subject to applicable regulatory and fund board approvals and other customary closing conditions, the statement said.
