MUFG Investor Services, the global asset servicing group of Mitsubishi UFJ Financial Group, is acquiring UBS Global Asset Management’s alternative fund services business, said Oliver Gadney, UBS spokesman.
Terms of the deal are not being disclosed, Mr. Gadney said. The deal is expected to close in the fourth quarter of 2015.
UBS’ alternative fund services business provides administrative services for hedge funds, hedge funds of funds, private equity and real estate structures. The unit’s “strong client franchise, global footprint, and notably its strong presence in Asia, are an excellent strategic fit,” said Junichi Okamoto, group head of integrated trust assets business group and deputy president, Mitsubishi UFJ Trust and Banking Corp., in a joint news release from the firms. “We are confident that our clients will benefit from the depth of combined resources and capabilities and from our commitment to innovation coupled with AFS' market-leading technology platform.”
Officials at MUFG could not be reached by press time.