Northern Trust in key European transaction

funds-management/Northern-Trust/UBS/

22 February 2017
| By Staff |
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Global custodian, Northern Trust Corporation has entered into an agreement to acquire UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.

The transaction, confirmed this week, 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 announcement said the transaction was expected to close in the second half of 2017, subject to applicable regulatory and fund board approvals and other customary closing conditions.

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

The announcement said UBS clients would continue to be supported by their current relationship management teams following the transaction and UBS Asset Management would continue to offer Management Company, White Labeling and Representative Services to its clients.

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.

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