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UBS Global Asset Management increases scale and distribution in Australia
UBS Global Asset Management increases scale and distribution in Australia UBS today announces it has entered into a binding agreement to acquire ING Investment Management (Australia) Limited (ING IM), subject to Dutch Central Bank approval. The acquisition of INGIM into UBS Global Asset Management is expected to close in the fourth quarter of 2011.
ING IM is one of the largest independent investment managers in Australia, managing substantial investment portfolios on behalf of ANZ, one of Australia's leading retail banks. The acquisition of ING IM will significantly increase UBS Global Asset Management's market presence in Australia and position the business in the country's top ten investment managers by size*.
In addition to the acquisition of ING IM, UBS Global Asset Management has entered into a broader business relationship with ANZ under which it will provide investment advisory services to ANZ. ANZ will continue to manage its distribution and client relationships associated with this business.
Ben Heap, Head of UBS Global Asset Management, Australia and New Zealand, said: We are delighted with the ING IM acquisition and concurrent agreement with ANZ. The acquisition significantly increases the scale and distribution of our business while the agreement with ANZ provides a cornerstone relationship in the dynamic Australian retail market.
UBS Global Asset Management has a long history of delivering domestic and international investment solutions to its institutional and retail clients. We look forward to extending our offering to both ANZ and ING IM's clients.
The relationship with ANZ is intended to be long term, with the potential to be broadened in scope to leverage our strengths in investment management, research, asset allocation and advisory services.