Northern Trust acquires UBS fund service unit

The global fund administrator is targeting Luxembourg’s potential.

Northern Trust, the global fund administrator, has acquired the fund administration services units of UBS Asset Management in Luxembourg and Switzerland.

The firm aims to expand its European presence in the two countries, and estimates it will have approximately $413 billion under administration once the deal is complete.
The acquisition is expected to close in the second half of this year, subject to regulatory and board approvals.

Northern Trust already has operations in Luxembourg, as it opened an office there in 2004, but the deal will be the firm’s first foray into the Swiss market.