Mutual fund giant Fidelity announced last week that it plans to acquire Correspondent Services Corp., the clearing unit of UBS PaineWebber. The deal will make Fidelity the eighth-largest clearing firm in the U.S.

Published reports put that deal's value at between $300 million and $340 million, but neither side would comment on the figure. However, UBS stated in a release that it expects the deal to be "near breakeven" after taxes, amortization and other transaction-related costs.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.