Northern Trust, an asset manager established in Chicago in 1889, has closed its acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland, further underpinning its growth strategy for Continental Europe.
The acquisition positions Northern Trust as a leading administrator by assets in Switzerland and a top 10 asset servicing provider in Luxembourg. Northern Trust welcomes more than 200 new employees and establishes a new European office in Basel, Switzerland, as a result of the acquisition.
The company announced the deal in February, saying it was subject to regulatory and board approvals.
“We are pleased to announce the completion of our acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland,” says 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.”
No financial details were given.
As of June 30, Northern Trust had $126 billion (€106 billion) in banking assets, $7.4 trillion in assets under custody, $9.3 trillion in assets under custody/administration and $1 trillion in assets under management.
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