UBS Global Asset Management is to make its fourth asset management acquisition in 12 months after agreeing to buy Commerzbank's Paris-based funds business, according to a source close to the deal. Financial News first reported the business had been put up for sale in March.

The business, Caisse Centrale de Réescompte, which has about €20bn ($28bn) in assets under management, runs a large portion of its assets in money market funds but also has a well regarded European equity team, which is the part UBS was the most interested in, according to the source.