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| INVESTORS OFFSHORE -
NEWS |
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UBS To Buy Swiss Mutual Fund Firm,
Ulrika Lomas, Tax-news.com, Brussels 10 November 2000
UBS Asset Management,
a unit of Swiss financial services giant UBS, announced this week
that it is to acquire Zurich-based Fondvest AG, an asset management
company specializing in independent advisory and distribution
services in the fund business. Fondvest offers clients such as
banks, insurance companies and asset managers, but also private
individuals, access to a comprehensive range of funds from Swiss
and foreign providers. Terms of the transaction were not disclosed.
UBS has bought Fondvest
in order to boost its sale of third-party funds. UBS said in a
statement: 'With this move UBS agreed to buy secured access to
an independent service platform in the dynamic growth market of
open fund distribution.'
Fondvest was formed in 1993 and offers - via a central trading
and advisory platform - access to over 1,600 investment funds
from 60 domestic and foreign fund providers. The company is primarily
oriented towards banks, insurance companies and asset managers
that want a simple way to offer their clients a comprehensive
and independent range of funds from a single source. The firm
will continue to be run autonomously by its current management
team under its existing name.
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