Zurich
20 February 2017
Reporter: Stephanie Palmer

Northern Trust nabs UBS fund admin businesses


Northern Trust has completed an agreement to acquire UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland, gaining around CHF 420 million ($413 billion) in assets under administration.

The acquisition is subject to regulatory and fund board approvals, and other customary closing conditions. It is expected to close in the second half of 2017.

The deal expands Northern Trust’s presence in Luxembourg, where it has been active since 2004. It will be the bank’s first venture into local fund administration in Switzerland, where it currently offers investment management and asset servicing solutions.

UBS’s current relationship management teams will remain in place, and UBS will continue to provide its management, white-labelling and representative services. The Swiss fund administration unit will be integrated into Northern Trust’s global fund services business.

Toby Glaysher, international head of Northern Trust Global Fund Services, said: “The strong client franchise, together with the geographic footprint of the business in Luxembourg and Switzerland, make this an excellent strategic fit for our growing business in the region.”

He added: “Like Northern Trust, UBS Asset Management is committed to excellence, innovation and superior client service. These shared values will enable us to continue to differentiate ourselves with our clients, strengthen our position as a leader in these markets and position us for long-term global growth.”

Ulrich Koerner, president of UBS Asset Management, said: “We continue to drive the transformation of our platform to further increase efficiency and effectiveness. 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.”

"We believe the transaction and ongoing collaboration with Northern Trust is a compelling proposition for our clients."

UBS Asset Management’s Luxembourg and Switzerland fund administration businesses had $413 billion in assets under administration as of 31 December 2016.

More fund services news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BNP Paribas completes first fund transaction test using blockchain
11 January 2018 | Paris | Reporter: Jenna Lomax
The test was conducted using BNP Securities Services’s blockchain programme, Fund Link, and FundsDLT, a blockchain-based platform for fund transaction processing
KPMG Switzerland and SIX to bundle tax services
10 January 2018 | Zurich | Reporter: Jenna Lomax
KPMG Switzerland and SIX Securities Services are offering a combined package for tax services
Guernsey’s fund sector reports year-on-year growth
05 January 2018 | St Peter Port | Reporter: Jenna Lomax
Guernsey’s fund business grew by approximately £20 billion over the 12 months to the end Q3 2017
Italian custody win for BNP Paribas
12 December 2017 | Milan | Reporter: Jenna Lomax
BNP Paribas will provide Sara Assicurazioni with global custody services for €1.3 billion in Italian and foreign assets
Fundsquare and i-Hub bring KYC service to funds
12 December 2017 | Luxembourg | Reporter: Becky Butcher
Fundsquare and i-Hub have signed a commercial partnership for the introduction of i-Hub’s know-your-customer (KYC) platform to the funds industry
Lux secures funding for SaaS platform
08 December 2017 | New York | Reporter: Jenna Lomax
Transcend is Lux’s software-as-a-service solution for front-to-back office automation
SIX: Services providers must expand horizons
08 December 2017 | London | Reporter: Stephanie Palmer
Post-trade service providers must focus on providing new services in the future, while also investing in new technologies and personnel, according to research from SIX Securities Services
More fund services news