Deutsche Boerse-backed Clearstream to acquire Fondcenter from UBS for $402m.

Deutsche Boerse-backed Clearstream, seller and broker of securities, agreed to acquire a 51% stake in Fondcenter, the B2B fund distribution platform of UBS, a multinational investment bank, for $402m. "We are delighted to reach this agreement with Clearstream, building on the successful relationship we have had with them and Deutsche Börse Group for many years. Through this transaction, and our long-term cooperation arrangements, we can achieve greater scale and breadth of offering for our clients and create significant value for our shareholders," Sergio P. Ermotti, UBS Group CEO.