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Deutsche Börse Group’s post-trade services provider Clearstream and UBS on a partnership in the investment fund services business segment. The companies have reached a joint agreement by which Clearstream acquires 51% of Zurich-based fund distribution platform Fondcenter AG from UBS for CHF 389 million.
UBS will retain a minority of 49%. The transaction is expected to be completed in the second half of 2020. Subsequent to the transaction, Clearstream will fully consolidate Fondcenter. The newly-combined distribution services will have over USD 230 billion in Assets under Administration (AuA). As part of the transaction, UBS and Clearstream will enter into long-term commercial cooperation arrangements for the provision of services to UBS.
Theodor...
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