Northern Trust has completed the acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.
Northern Trust set up a new European office in Basel and incorporated over 200 new employees as part of the deal, which was announced in February 2017.
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The asset manager previously said that the deal will enable it to expand its presence in Luxembourg, where it has been operating since 2004, and offer local fund administration capabilities in Switzerland.
Northern Trust president for EMEA Teresa Parker said: “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 head of global fund services international Toby Glaysher added: “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.”
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