UBS is to acqu...

UBS is to acquire Standard Chartered's mutual fund management business in India for a total of SFr147 million. The business has an estimated SFr4 billion of assets under management, UBS said. The transaction remains subject to regulatory approval, and a price adjustment linked to assets under management at closing. Separately, UBS said it intends to form a strategic alliance with Standard Chartered Bank for fund distribution in Asia, the Middle East and Africa. The partnership will give Standard Chartered's growing retail and wealth management businesses access to UBS Global Asset Management's flagship capabilities, as well as to a number of UBS Investment Bank products, according to UBS.