Northern Trust completes acquisition
Northern Trust has announced the closing of its acquisition of UBS Asset Management’s fund administration units in Luxembourg and Switzerland.
According to the company, the acquisition will position it as a leading administrator by assets in Switzerland and a top 10 asset servicing provider in Luxembourg.
Northern Trust’s president, Europe, Middle East and Africa region, Teresa Parker, said: “ We are pleased to announce the completion of our acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.
“The acquisition is a cornerstone of our strategic expansion plan for continental Europe and represents a significant opportunity to broaden our scale, capabilities, products and market reach across Europe, enabling us to further enhance our services to existing and future clients and strengthening our position as a leader in the region.”
Northern Trust, which opened its office in Luxembourg in 2004, first announced its intention to acquire the UBS fund administration servicing units in February, 2017.
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
