"The acquisition of ING Investment Management (Australia) Limited into UBS Global Asset Management is expected to close in the fourth quarter of 2011," said the Swiss bank in a statement.
ING Investment Management is one of the biggest independent investment managers in Australia, and holds a substantial portfolio for OnePath, the wealth management unit of Australian bank ANZ.
It managed assets of about 24.8 billion euros at the end of March, said the Australia investment banking unit in a statement. UBS meanwhile manages about AUS$27.8 billion (€20.6 billion) of assets. The acquisition therefore doubles the assets under management in the country.
"The acquisition of ING IM will significantly increase UBS Global Asset Management's market presence in Australia and position the business in the country's top ten investment managers by size," said the Swiss bank.
Meanwhile, ING said it was carrying out a phased withdrawal of its Australian real estate investment management business.