Northern Trust has reached an agreement to acquire to fund administration servicing units of UBS Asset Management from UBS Group, according to UBS; financial terms of the deal have not been disclosed. The transaction is expected to close in early 2018, subject to regulatory approvals.
Northern Trust has reached an agreement to acquire to fund administration servicing units of UBS Asset Management from UBS Group, according to UBS; financial terms of the deal have not been disclosed. The move comes as Northern Trust expands its European business, while UBS has indicated that shifting the administration of its funds to another company would boost efficiency.