UBS, which will continue to hold a large minority stake in the entity, has entered into long-term co-operation arrangements with Clearstream for using the platform.

UBS has completed its sale of a 51.2 per cent stake in in Fondcenter, a business-to-business funds platform, to Clearstream.

The business, which will be called Clearstream Fund Centre and has more than $290 billion in assets under administration, provides fund distributors with access to more than 70,000 funds worldwide, UBS said in a statement yesterday.

As previously announced, UBS will hold a 48.8 per cent stake in the combined business once the sale is complete. UBS and Clearstream have entered into long-term commercial cooperation arrangements to provide services to UBS, including UBS's continuing use of the Clearstream Fund Centre platform.

After the sale, UBS will recognise a post-tax gain of around $600 million and a CET1 capital increase of around $400 million. UBS will deconsolidate Fondcenter and account for its minority interest as an investment in an associate, it said.