Deutsche Börse AG has announced that it has agreed to acquire the remaining 49% stake Clearstream Fund Centre from UBS, for CHF 390 million. With this deal Deutsche Börse will become the sole shareholder in the Zurich-based fund distribution platform.
On 30 September 2021, the German market place organizer closed the acquisition of a 51% stake in Clearstream. The deal is expected to bring a low to medium double-digit million Euro book gain to Deutsche Börse.
Clearstream and UBS had joint shareholding during the transitional period which has laid the groundwork for a smooth and successful integration of Clearstream Fund Centre into Deutsche Börse Group. UBS remains an important long-term partner of Clearstream.
Stephan Leithner, Member of the Executive Board of Deutsche Börse AG and Clearstream Chairman, said:
Clearstream Fund Centre has proved to be a highly complementary business for Clearstream’s fund operations businesses. 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. 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.
Suni Harford, President of UBS Asset Management, added:
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.
Clearstream Fund Centre reached a rise in assets under Deutsche Börse since September 2020 by 25% to over EUR 300 billion, clearly benefitting from operational and commercial synergies due to the full integration into the global post-trading services provider Clearstream.
The deal follows a strong track record of Deutsche Börse in acquisitions in the investment funds industry with Citco Global Securities Services, Swisscanto Funds Centre and Ausmaq. It further highlights Clearstream’s position as a fund processing and distribution service provider with over EUR 3.1 trillion of assets under custody.
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