NEW YORK (HedgeWorld.com)–UBS AG’s Investment Bank unit on Friday finalized its acquisition of ABN AMRO’s prime brokerage unit, integrating the new unit under the UBS Hedge Fund Services name.
ABN AMRO officials announced the completion of the sale in a statement released Monday. They said the transaction had been subject to “various closing conditions and regulatory approvals, which have now been finalized.”
UBS in September announced it would pay US$250 million to acquire all of ABN AMRO’s prime brokerage unit, including 190 employees in New York, San Francisco, Dallas and Boston who serve more than 300 mostly medium- and smaller-sized hedge fund clients Previous HedgeWorld Story.
UBS Hedge Fund Services offers prime brokerage, capital introduction, start-up assistance, equity swaps and research, among other things.