UBS to Offload its Administration Servicing Units to Northern Trust

[kreslik.news]

UBS AG has entered into a definitive agreement to offload its administration servicing units in Luxembourg and Switzerland to US financial services giant, Northern Trust (Nasdaq: NTRS), part of the latest move in the M&A space.

The sale of UBS’ administration servicing unit in both Luxembourg and Switzerland is the latest move by the lender, which has seen several internal moves and shifts in strategy over the past year. The group also has opted to scale back its landmark wealth management unit, as well as ushering in a round of job cuts to help offset industry headwinds.

The acquisition of the ... (read more)