MUFG Investor Services, the global asset servicing group of Mitsubishi UFJ Financial Group, has reached an agreement with UBS Global Asset Management to acquire its Alternative Fund Services (AFS) business. The transaction is expected to close in fourth quarter 2015, subject to regulatory approvals and customary closing conditions.
“This transaction is part of our strategy to build MUFG Investor Services into an industry-leading administrator, both organically and through acquisitions," said Junichi Okamoto, Group Head of Integrated Trust Assets Business Group, Deputy President, Mitsubishi UFJ Trust and Banking Corporation.
"AFS’ strong client franchise, global footprint, and notably its strong presence in Asia, are an excellent strategic fit,” he continued. “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. We welcome AFS to our growing business and look forward to continuing to provide our clients with best-in-class service.”
Ulrich Koerner, President of UBS Global Asset Management, said: "We have a sharp focus on executing our strategy, with a clear goal of delivering best-in-class investment management capabilities to our clients. With this in mind, and 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 organization with a strategic focus on asset servicing."
"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," Koerner added.