Clearstream creates new fund centre
01 October 2020 Luxembourg
Image: Sergey Nivens/Adobe Stock
Deutsche Boerse’s post-trade services provider Clearstream has created a new fund centre following its acquisition of a majority stake in Fondcenter AG from UBS.
The deal, which completed on 30 September, combines the Fondcenter business with Clearstream’s existing fund desk for global fund distribution support with over $290 billion assets under administration.
Earlier this year in January, Clearstream and UBS announced a joint agreement under which the international central securities depository has now acquired 51.2 percent stake in the fund dis=tribution support platform Fondcenter for £308 million (CHF 389 million).
UBS holds a minority stake of 48.8 percent, remaining a strategic partner, and has entered into long-term cooperation agreements for the provision of services by Clearstream including to continue using the fund centre platform on a long-term basis.
Bernard Tancré, CEO of Fondcenter and head of investment fund services product at Clearstream, said: “Fondcenter’s fund platform business perfectly complements Clearstream’s existing fund distribution support services. With the newly combined Clearstream Fund Centre, fund distributors will now have access to contracts covering over 70,000 funds worldwide. We are delighted that we can offer this comprehensive portfolio to our existing and future client base.”
Bruno Marxer, head of CIO global mandates and investment content at UBS Global Wealth Management, added: “We look forward to working with the Clearstream Fund Centre team and to continue leveraging the platform’s leading capabilities as the preferred provider for UBS Global Wealth Management.”
The deal, which completed on 30 September, combines the Fondcenter business with Clearstream’s existing fund desk for global fund distribution support with over $290 billion assets under administration.
Earlier this year in January, Clearstream and UBS announced a joint agreement under which the international central securities depository has now acquired 51.2 percent stake in the fund dis=tribution support platform Fondcenter for £308 million (CHF 389 million).
UBS holds a minority stake of 48.8 percent, remaining a strategic partner, and has entered into long-term cooperation agreements for the provision of services by Clearstream including to continue using the fund centre platform on a long-term basis.
Bernard Tancré, CEO of Fondcenter and head of investment fund services product at Clearstream, said: “Fondcenter’s fund platform business perfectly complements Clearstream’s existing fund distribution support services. With the newly combined Clearstream Fund Centre, fund distributors will now have access to contracts covering over 70,000 funds worldwide. We are delighted that we can offer this comprehensive portfolio to our existing and future client base.”
Bruno Marxer, head of CIO global mandates and investment content at UBS Global Wealth Management, added: “We look forward to working with the Clearstream Fund Centre team and to continue leveraging the platform’s leading capabilities as the preferred provider for UBS Global Wealth Management.”
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