Northern Trust To Buy UBS' Fund Services Units In Luxembourg And Switzerland

(RTTNews) - Swiss banking giant UBS Group AG (UBS) on Monday said it has entered into an agreement, under which Northern Trust Corp. (NTRS) would acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland. The company did not announce the financial terms of the deal.

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 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.

Upon completion of the transaction, Northern Trust will become the fund administration services provider for funds with approximately 420 billion Swiss francs or $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.

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

Goldman Sachs International served as financial advisor to Northern Trust on the transaction.