Northern Trust has acquired the fund administration servicing units of UBS Asset Management in Luxembourg and Switzerland.
The deal, first announced in February, positions the wealth management provider as the leading administrator in Switzerland, in terms of assets, and as a top 10 asset servicing provider in Luxembourg.
According to Northern Trust, the firm will welcome 200 employees and will open an office in Basel, Switzerland, underpinning its growth strategy in Continental Europe.
Northern Trust has operated in Luxembourg since 2004, and has been providing Swiss clients with asset servicing solutions for 30 years.
The group now holds 11 offices and 3,500 employees across Europe, Middle East and Africa (EMEA).
Teresa Parker, president of EMEA at Northern Trust, said: “This 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.”
Toby Glaysher, head of global fund services at Northern Trust, said: “This acquisition firmly positions us as a leading administrator in Luxembourg and Switzerland, bringing [Northern Trust] increased opportunities across Continental Europe.”
He added: “The needs of our asset manager and asset owner clients continue to evolve and, through our investment in technology, capability and expertise—both organically and through key acquisitions such as this—we strengthen our position as a market leader in offering innovative fund administration and middle office solutions to clients across the region.”
