Deutsche Börse has acquired the remaining 49% stake in Zurich-based fund distribution platform, Clearstream Fund Centre, from UBS for $429 million.
Under the terms of the transaction, the European exchange operator will become the sole shareholder of Clearstream Fund Centre, having previously acquired a 51% stake in the company in September last year.
“Clearstream Fund Centre has proved to be a highly complementary business for Clearstream’s fund operations business. Our 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,” said Stephan Leithner, member of the executive board of Deutsche Börse and Clearstream chairman.
“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.”
Deutsche Börse claimed the Clearstream Fund Centre platform had seen a 25% growth in assets under administration since September last year, reaching a total of €300 billion.
The acquisition follows a series of successful acquisitions by Deutsche Börse recently, including Citco Global Securities Services, Swisscanto and Ausmag.
Deutsche Börse confirmed that UBS will continue to be a long-term partner and client of Clearstream.
“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,” added Suni Harford, president of UBS Asset Management.