Northern Trust has agreed to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland for an undisclosed sum.

Northern Trust said that the deal will support its expansion plans in Luxembourg, where it has been present since 2004, as well as help it gain local fund administration capabilities in Switzerland.

Following the completion of the deal, which is expected in the second half of 2017, Northern Trust will become the fund administration services provider for funds with about CHF420bn ($413bn) in assets that are currently being serviced by UBS.

Clients of UBS will continue to receive the support of their existing relationship management teams, while UBS Asset Management will continue to offer management company, white labelling and representative services to its clients.

Northern Trust chairman and CEO Frederick Waddell said: “This agreement represents a significant opportunity for Northern Trust and our clients as we broaden our scale, products and market reach across Europe.

“We look forward to expanding our service offering in Switzerland and further deepening our presence in Luxembourg.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Commenting on the deal, UBS Asset Management president Ulrich Koerner said: “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.”