MUFJ acquires UBS alternatives business 19 June 2015New York Reporter: Stephanie Palmer
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MUFJ Investor Services has acquired the alternative fund services (AFS) business of UBS Global Asset Management.
The acquisition is part of a wider growth strategy for MUFJ Investor Services, the global asset servicing arm of Mitsubishi UFJ financial group.
Junichi Okamoto, group head of the integrated trust assets business group and deputy president of Mitsubishi UFJ Trust and Banking Corporation, said: "AFS’ strong client franchise, global footprint, and notably its strong presence in Asia, are an excellent strategic fit.”
He added: “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.”
The transaction is expected to be finalised in Q4 2015, subject to regulatory approval and closing conditions.
Ulrich Koerner, president of UBS Global Asset Management, said: "In light of the increasing drive towards scale in fund administration, we concluded that the future development of AFS in servicing its clients would be best ensured as part of an organisation with a strategic focus on asset servicing."
He added: "MUFG's commitment to invest in the client franchise and the people, together with their strong focus on ensuring a seamless transition, were important factors in our decision-making.”
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