UBS said Northern Trust is buying fund services units of UBS in Luxembourg and Switzerland, on Monday. The company did not announce the financial terms of the deal.
The transaction is expected to close in the second half of 2017, subject to applicable regulatory and fund board approvals and other customary closing conditions.
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Hedge fund legend George Soros lost a lot of money after the election of Donald Trump, according to a new report from The Wall Street Journal.
Sources familiar with the hedge fund manager’s trading said he remained cautious going into the November election and then made the mistake of becoming more bearish immediately after Mr. Trump’s win.
The stock market rallied on expectations that Mr. Trump’s policies would boost the economy, causing Mr. Soros’ trading positions to incur losses approaching $1 billion, sources told The Journal.
