American international financial services company, Northern Trust, has entered into an agreement with UBS AG to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland, allowing the American company to expand its presence in Luxembourg and gain local fund administration capabilities in Switzerland.
On completion of the transaction, Northern Trust will become the administration services provider for funds with assets of approximately CHF420 billion (€394 billion), including UBS Asset Management's traditional funds currently serviced by UBS Fund Management (Switzerland) AG or UBS Fund Services (Luxembourg) S.A.
Northern Trust has operated in Luxembourg since 2004.
“This agreement represents a significant opportunity for Northern Trust and our clients as we broaden our scale, products and market reach across Europe,” said Northern Trust chairman and CEO, Frederick H. Waddell.
Goldman Sachs International served as financial advisor to Northern Trust on the transaction.
