Northern Trust has completed its acquisition of UBS Asset Management’s fund services businesses in Switzerland and Luxembourg.
The deal means Northern Trust has become fund administrator for funds with approximately $413 billion in assets under custody.
Northern Trust will also establish a new European office in Basel, Switzerland to home 200 new employees joining the firm as part of the deal.
Having first opened an office in Luxembourg in 2004, the latest acquisition expands Northern Trust’s presence in the country and provides it with local fund administration capabilities in Switzerland.
Toby Glaysher, head of global fund services international at Northern Trust, explained the acquisition firmly positions the firm as a leading administrator in both countries as it continues with the strategic expansion of its fund services business in Europe.
Teresa Parker, president for EMEA at Northern Trust, added: “This acquisition… 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.”