Tue, Mar 19, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

Northern Trust to acquire Fund Services Units of UBS in Luxembourg and Switzerland

Monday, February 20, 2017
Opalesque Industry Update - UBS Group AG and Northern Trust Corporation announce that UBS AG has entered into an agreement for Northern Trust to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland.

The acquisition will enable Northern Trust to expand its presence in Luxembourg and gain local fund administration capabilities in Switzerland, becoming a leading administrator by assets in the market. 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.

Upon completion of the transaction, Northern Trust will become the fund administration services provider for funds with approximately CHF420 billion (US$413bn) in assets1, including UBS Asset Management's traditional funds currently serviced by UBS Fund Management (Switzerland) AG or UBS Fund Services (Luxembourg) S.A.

UBS clients will continue to be supported by their current relationship management teams following the transaction and UBS Asset Management will continue to offer Management Company, White Labelling and Representative Services to its clients.

"This agreement represents a significant opportunity for Northern Trust and our clients as we broaden our scale, products and market reach across Europe," Northern Trust Corporation Chairman and Chief Executive Officer Frederick H. Waddell said. "We look forward to expanding our service offering in Switzerland and further deepening our presence in Luxembourg."

Ulrich Koerner, President UBS Asset Management, said: "We continue to drive the transformation of our platform to further increase efficiency and effectiveness. This move will enable us to further focus our efforts on helping clients address their global investment challenges, while ensuring their fund administration needs continue to be well served.

"We believe the transaction and ongoing collaboration with Northern Trust is a compelling proposition for our clients, who will benefit from the combined resources and capabilities of UBS Asset Management and Northern Trust, along with our mutual commitment to innovation and an industry-leading platform," he added.

Northern Trust has operated in Luxembourg since 2004, and the transaction will make Northern Trust a top 10 asset servicing provider in terms of assets under administration.

UBS Fund Management (Switzerland) AG, based in Basel, is the Swiss market leader in Management Company and White Labelling Services. Northern Trust will integrate the Swiss fund administration unit into its Global Fund Services business. The transaction will complement Northern Trust's significant existing Swiss client base, which reflects more than 30 years of experience providing a range of investment management and asset servicing solutions to Swiss clients.

"The strong client franchise, together with the geographic footprint of the business in Luxembourg and Switzerland, make this an excellent strategic fit for our growing business in the region," Toby Glaysher, head of Northern Trust Global Fund Services, International, said. "Like Northern Trust, UBS Asset Management is committed to excellence, innovation and superior client service. These shared values will enable us to continue to differentiate ourselves with our clients, strengthen our position as a leader in these markets and position us for long-term global growth."

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1