US - UBS has agreed to sell its fiduciary business to Wilmington Trust in an all cash agreement.
Kevin Ruth, chairman of UBS Fiduciary Trust Company (FTC) and head of wealth planning US, UBS, said: "The sale of UBSFTC demonstrates our commitment to delivering the best client experience for the company's plan sponsors and participants."
Wilmington Trust's Retirement and Institutional Services group provides directed trustee, custodial, trading and paying agent services to more than 3,000 retirement and employee benefit plans with more than US$41bn in assets under administration.
The planned acquisition of the UBS business would add a further 800 plans and $5.5bn in assets under administration to Wilmington Trust's retirement services platform.
Through an existing business alliance, AST already serves as an outsource provider of fund accounting and benefit payment services to UBSFTC's retirement plan clients. The trust and investment management services of the newly acquired company would continue to be available through 8,200 UBS financial advisors.
Ruth continued: "Our clients benefit because it combines their existing UBS financial advisor with the scalable service model of AST/Wilmington Trust and is consistent with our overall qualified retirement plan open-architecture approach."
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