Regulatory News:
UBS Group AG (SIX:UBSG) (NYSE:UBS) (SWX:UBSN) / ISIN:
CH0024899483 and Northern Trust Corporation (Nasdaq:NTRS) announce
that UBS AG has entered into an agreement for Northern Trust to
acquire UBS Asset Management's fund administration servicing units
in Luxembourg and Switzerland.
The acquisition will enable Northern Trust to expand its
presence in Luxembourg and gain local fund administration
capabilities in Switzerland, becoming a leading administrator by
assets in the market. The transaction is expected to close in the
second half of 2017, subject to applicable regulatory and fund
board approvals and other customary closing conditions.
Upon completion of the transaction, Northern Trust will become
the fund administration services provider for funds with
approximately CHF420 billion (US$413bn) in assets1, including UBS
Asset Management's traditional funds currently serviced by UBS Fund
Management (Switzerland) AG or UBS Fund Services (Luxembourg)
S.A.
UBS clients will continue to be supported by their current
relationship management teams following the transaction and UBS
Asset Management will continue to offer Management Company, White
Labelling and Representative Services to its clients.
“This agreement represents a significant opportunity for
Northern Trust and our clients as we broaden our scale, products
and market reach across Europe,” Northern Trust Corporation
Chairman and Chief Executive Officer Frederick H. Waddell said. “We
look forward to expanding our service offering in Switzerland and
further deepening our presence in Luxembourg.”
Ulrich Koerner, President UBS Asset Management, said: “We
continue to drive the transformation of our platform to further
increase efficiency and effectiveness. This move will enable us to
further focus our efforts on helping clients address their global
investment challenges, while ensuring their fund administration
needs continue to be well served.
"We believe the transaction and ongoing collaboration with
Northern Trust is a compelling proposition for our clients, who
will benefit from the combined resources and capabilities of UBS
Asset Management and Northern Trust, along with our mutual
commitment to innovation and an industry-leading platform," he
added.
Northern Trust has operated in Luxembourg since 2004, and the
transaction will make Northern Trust a top 10 asset servicing
provider in terms of assets under administration.
UBS Fund Management (Switzerland) AG, based in Basel, is the
Swiss market leader in Management Company and White Labelling
Services. Northern Trust will integrate the Swiss fund
administration unit into its Global Fund Services business. The
transaction will complement Northern Trust’s significant existing
Swiss client base, which reflects more than 30 years of experience
providing a range of investment management and asset servicing
solutions to Swiss clients.
“The strong client franchise, together with the geographic
footprint of the business in Luxembourg and Switzerland, make this
an excellent strategic fit for our growing business in the region,”
Toby Glaysher, head of Northern Trust Global Fund Services,
International, said. “Like Northern Trust, UBS Asset Management is
committed to excellence, innovation and superior client service.
These shared values will enable us to continue to differentiate
ourselves with our clients, strengthen our position as a leader in
these markets and position us for long-term global growth.”
Goldman Sachs International served as financial advisor to
Northern Trust on the transaction.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider
of wealth management, asset servicing, asset management and banking
to corporations, institutions, affluent families and individuals.
Founded in Chicago in 1889, Northern Trust has offices in the
United States in 19 states and Washington, D.C., and 22
international locations in Canada, Europe, the Middle East and the
Asia-Pacific region. As of December 31, 2016, Northern Trust had
assets under custody of US$6.7 trillion, and assets under
management of US$942 billion. For more than 125 years, Northern
Trust has earned distinction as an industry leader for exceptional
service, financial expertise, integrity and innovation. Visit
www.northerntrust.com or follow us on Twitter @NorthernTrust.
©2017 Northern Trust Corporation, Head Office: 50 South La Salle
Street, Chicago, Illinois 60603 U.S.A., incorporated with limited
liability in the U.S. Global legal and regulatory information can
be found at https://www.northerntrust.com/disclosures
About UBS
UBS provides financial advice and solutions to wealthy,
institutional and corporate clients worldwide, as well as private
clients in Switzerland. The operational structure of the Group is
comprised of our Corporate Center and five business divisions:
Wealth Management, Wealth Management Americas, Personal &
Corporate Banking, Asset Management and the Investment Bank. UBS's
strategy builds on the strengths of all of its businesses and
focuses its efforts on areas in which it excels, while seeking to
capitalize on the compelling growth prospects in the businesses and
regions in which it operates, in order to generate attractive and
sustainable returns for its shareholders. All of its businesses are
capital-efficient and benefit from a strong competitive position in
their targeted markets.
About UBS Asset Management
Asset Management is a large-scale asset manager with a presence
in 22 countries. It offers investment capabilities and investment
styles across all major traditional and alternative asset classes
to institutions, wholesale intermediaries and wealth management
clients around the world. It is a leading fund house in Europe, the
largest mutual fund manager in Switzerland, the third-largest
international asset manager in Asia, the second largest fund of
hedge funds manager and one of the largest real estate investment
managers in the world.
About UBS Asset Management’s traditional Fund Services
Business
UBS Fund Management Services is the competence center for all
Management Companies and White Labelling Solutions within UBS Asset
Management focusing on Fiduciary and Governance and Substance
Services via its market leading Management Companies in Luxembourg
and Switzerland.
This release includes forward-looking statements (as that term
is defined in the Private Securities Litigation Reform Act of 1995)
concerning an agreement entered into by Northern Trust to acquire
UBS Asset Management’s fund administration servicing business in
Luxembourg and Switzerland, including certain statements related to
future results and intentions, and expectations regarding the
impact of such acquisition on Northern Trust and UBS. The
statements are based on assumptions about many important factors,
including the following, which could cause actual results to differ
materially from those in the forward-looking statements: the
ability of Northern Trust and UBS to obtain required regulatory and
fund board approvals and satisfy closing conditions; applicable
market and industry conditions; Northern Trust’s ability to
integrate the acquired business successfully and realize the
benefits of the acquisition; actions of regulatory bodies and other
governmental authorities; changes in laws and regulations; and
other risks identified in Northern Trust’s most recent filing on
Form 10-K and other SEC filings, or UBS's most recent filings on
Form 6-K or Form 20-F, all of which are available on Northern
Trust's and UBS's websites. Northern Trust and UBS do not undertake
to update their forward-looking statements.
1 As of 31 December 2016
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UBS Group AG and Northern Trust CorporationMedia
contactSwitzerland: +41-44-234 85 00orUK: +44-207-567 47
14orAmericas: +1-212-882 58 57orAPAC: +852-297-1 82 00orMedia
contact Northern TrustEMEA & APAC:Camilla Greene,
+44-207-982-2176orNorth America:John O’Connell, +
1-312-444-2388www.ubs.com
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