April 9, 2003 |
Fidelity Investments, the largest U.S. mutual-fund company, said Monday that it would acquire the U.S. securities-processing unit of UBS to add new sources of revenue as fees from managing money sink. Fidelity agreed to pay $340 million in cash for UBS' Correspondent Service Corp., which processes trades and keeps records for other brokers, said a person familiar with the deal. Fidelity and UBS declined to comment on the price. The purchase will nearly double its roster of brokerage customers.