UBS has successfully completed its sale of a majority stake (51.2%) in Fondcenter AG to Clearstream. The newly-combined business, to be called Clearstream Fund Center, has over USD 290 billion in Assets under Administration and provides fund distributors with access to over 70,000 funds worldwide. UBS will hold a minority (48.8%) shareholding in the combined business following completion of the sale. As part of the transaction, UBS and Clearstream have entered into long-term commercial cooperation arrangements for the provision of services to UBS, including UBS' ongoing use of Clearstream Fund Center platform.
Baker McKenzie advised UBS in all legal, regulatory and competition law aspects of the transaction. The team was led by Ansgar Schott (Financial Services), Pascal Richard and Petra Hanselmann (both M&A), Boris Wenger (Competition Law) and further comprised, amongst others, Ramon Tissafi (M&A), Markus Winkler and Tanja Schmid (both Financial Services), Philippe Monnier (Employment) and Julia Schieber (IP).