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Northern Trust to acquire UBS’ Swiss and Luxembourg fund administration units

Northern Trust Corp. has agreed to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland, said a spokeswoman for the custodian bank.

The deal, which is expected to close in the second half of this year, will add $413 billion in assets under administration to Northern Trust's existing $8.5 trillion in assets under custody/administration.

The acquisition expands Northern Trust's local fund administration capabilities in the countries.

The spokeswoman added that financial details were not disclosed.

UBS' clients will continue to be supported by their current relationship management teams.

“This agreement represents a significant opportunity for Northern Trust and our clients as we broaden our scale, products and market reach across Europe,” said Frederick H. Waddell, Northern Trust chairman and CEO, in a news release.

Ulrich Koerner, president UBS Asset Management, added that the deal will enable the firm "to further focus our efforts on helping clients address their global investment challenges, while ensuring their fund administration needs continue to be well served."

Northern Trust has had Luxembourg operations since 2004. The Swiss fund administration business will be integrated into Northern Trust's global fund services business.

Goldman Sachs International served as financial adviser to Northern Trust on the transaction.