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UBS Global Asset Management will not proceed with acquisition in India.
UBS Global Asset Management today announced that it will not proceed with its planned acquisition of Standard Chartered Bank's mutual funds management business in India.
Following the expiry of the Sale and Purchase Agreement that they executed in January 2007, UBS and Standard Chartered Bank have decided not to continue negotiations regarding the acquisition by UBS of the Standard Chartered mutual funds management business in India.
A strategic alliance between UBS and Standard Chartered Bank for fund distribution in Asia, announced at the same time as the planned acquisition, was established in April 2007 and is unaffected.
Any costs accruing to UBS through abandonment of the planned transaction will be negligible and will have no material impact on UBS's earnings.
UBS remains committed to the Indian market and Asia Pacific more broadly. It will continue to provide its clients in India with market-leading equity brokerage and advisory services via UBS India Securities Private Ltd.
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