Deutsche Boerse takes remaining stake in Clearstream Fund Centre
06 May 2021 Luxembourg
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Deutsche Boerse has agreed to acquire the remaining 49 per cent stake in Clearstream Fund Centre from UBS, for CHF 390 million.
This transaction will make Deutsche Boerse the sole shareholder in the Zurich-based fund distribution platform, having initially closed the acquisition of a 51 per cent stake on 30 September 2020.
Deutsche Boerse explains the transaction is expected to result in a low to medium double-digit million Euro book gain.
The joint shareholding by Clearstream and UBS for the transitional period has laid the foundation for a smooth integration of Clearstream Fund Centre into Deutsche Boerse Group.
Meanwhile, UBS remains a key long-term partner of Clearstream across the full value chain of the funds services market, explains Deutsche Boerse.
This transaction complements a strong acquisition track record of Deutsche Boerse in the investment funds industry with the successful acquisitions of Citco Global Securities Services, Swisscanto Funds Centre and Ausmaq.
Stephan Leithner, member of the executive board of Deutsche Boerse AG and Clearstream chairman, comments: “Clearstream Fund Centre has proved to be a highly complementary business for Clearstream’s fund operations businesses.”
According to Leithner, the two-step integration approach with UBS has enabled a seamless transition for clients and laid the perfect basis for our continued, long-term partnership with UBS.
“We see significant opportunities to further grow the global footprint of this business, particularly in Europe but also in Asia Pacific. This transaction is fully in line with our strategy to grow our offering in areas that are benefitting from strong secular growth,” he says.
Suni Harford, president of UBS Asset Management, adds: “With the integration now complete, with our clients in good hands and the business on a strong growth trajectory, Clearstream Fund Centre is well placed for the future. We look forward to leveraging the platform’s leading capabilities and wish the team every success on the next stage of their journey.”
This transaction will make Deutsche Boerse the sole shareholder in the Zurich-based fund distribution platform, having initially closed the acquisition of a 51 per cent stake on 30 September 2020.
Deutsche Boerse explains the transaction is expected to result in a low to medium double-digit million Euro book gain.
The joint shareholding by Clearstream and UBS for the transitional period has laid the foundation for a smooth integration of Clearstream Fund Centre into Deutsche Boerse Group.
Meanwhile, UBS remains a key long-term partner of Clearstream across the full value chain of the funds services market, explains Deutsche Boerse.
This transaction complements a strong acquisition track record of Deutsche Boerse in the investment funds industry with the successful acquisitions of Citco Global Securities Services, Swisscanto Funds Centre and Ausmaq.
Stephan Leithner, member of the executive board of Deutsche Boerse AG and Clearstream chairman, comments: “Clearstream Fund Centre has proved to be a highly complementary business for Clearstream’s fund operations businesses.”
According to Leithner, the two-step integration approach with UBS has enabled a seamless transition for clients and laid the perfect basis for our continued, long-term partnership with UBS.
“We see significant opportunities to further grow the global footprint of this business, particularly in Europe but also in Asia Pacific. This transaction is fully in line with our strategy to grow our offering in areas that are benefitting from strong secular growth,” he says.
Suni Harford, president of UBS Asset Management, adds: “With the integration now complete, with our clients in good hands and the business on a strong growth trajectory, Clearstream Fund Centre is well placed for the future. We look forward to leveraging the platform’s leading capabilities and wish the team every success on the next stage of their journey.”
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