Northern Trust has announced the closing of its acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland, further underpinning its growth strategy for Continental Europe.
Northern Trust welcomes more than 200 new employees and establishes a new European office in Basel, Switzerland, as a result of the acquisition.
“We are pleased to announce the completion of our acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland,” said Teresa Parker, President, Europe, Middle East and Africa region at Northern Trust. “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.”
Northern Trust announced its intention to acquire the UBS fund administration servicing units in February 2017, subject to applicable regulatory and fund board approvals and other customary closing conditions.
“As we continue the strategic expansion of our Global Fund Services business across Europe, this acquisition firmly positions us as a leading administrator in Luxembourg and Switzerland, bringing us increased opportunities across Continental Europe,” said Toby Glaysher, head of Global Fund Services, International, at Northern Trust. “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.”
Northern Trust first opened an office in Luxembourg in 2004 and has provided a range of investment management and asset servicing solutions to Swiss clients for more than 30 years. The acquisition expands Northern Trust’s scale in Continental Europe, enhancing its capabilities and increasing its client base. Northern Trust has 11 offices and more than 3500 employees across the Europe, Middle East and Africa region.