NTRS Maintained by Evercore ISI Group -- Price Target Raised to

UBS (UBS) will transfer its former Credit Suisse fund administration businesses in Switzerland and Luxembourg to Northern Trust (NTRS), with the deal expected to close in Q2 2027. This expands their 2017 agreement and is part of UBS's integration of Credit Suisse, focusing on core businesses. Northern Trust sees growth in fund administration fees, which made up 67.4% of its asset servicing fees in H1 2026. UBS shares have risen 17.2% in six months, outperforming its industry.

Northern Trust plans to convert six mutual funds, totaling $33B in assets, into ETFs by Q1 2027, according to the company. The conversions will more than double its ETF assets, which were $27B as of June 2026. Investors will see changes in trading, taxation, and visibility of holdings, but investment strategies remain the same.

UBS agreed to transfer its fund administration business to Northern Trust, part of its strategy to focus on core strengths post-Credit Suisse acquisition. The deal, expected to close in Q2 2027, includes extending Northern Trust's fund administration agreement for UBS's Swiss and Luxembourg management companies. UBS aims to streamline its asset servicing offering.

UBS will transfer its fund administration business to Northern Trust, part of its Credit Suisse merger integration. The move involves shedding businesses acquired in 2023.

UBS and Northern Trust (NTRS) have agreed to expand their fund administration relationship. UBS will transfer its Swiss and Luxembourg fund administration businesses to Northern Trust, with the transaction expected to close in 2Q 2027. UBS will exit the fund administration business, while Northern Trust will manage the migration over two years. Additionally, UBS has chosen Universal Investment for its Luxembourg Management Company services.

Northern Trust (NTRS) announced CFO Dave Fox's retirement, effective by Q1 2027. The company plans an internal and external search for his successor. Fox will remain to ensure a smooth transition. Northern Trust is a global financial services provider with assets under custody/administration of $15.3 trillion as of June 30, 2026.