KB Associates (KBA), a Dublin-based management company (ManCo), governance and compliance services provider, has forayed into Luxembourg with the purchase of EFG Fund Management.
A ManCo business owned by Swiss private bank EFG International, EFG Fund Management has been a long-term customer of KBA’s Ireland ManCo.
Go deeper with GlobalData
The deal, whose financial terms were not disclosed, is pending regulatory nod.
Commenting on the deal, KBA managing principal Mike Kirby said: “The opportunity to acquire EFG’s ManCo in Luxembourg allows us to deepen our relationship with EFG, by servicing their funds in Luxembourg, while simultaneously providing us with a management company capability in a jurisdiction that is important to many of our existing clients.”
KBA, set up in 2003, has a presence in London, Cayman Islands as well as Malta in addition to Dublin.
The firm has more than 70 consultants and works with over 250 asset management businesses. It supports investment funds with assets over €250bn.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOther M&A activities in Luxembourg
Consolidation activities in the financial services space in Luxembourg has ramped up lately.
Recently, Apex Group bought Luxembourg ManCo FundRock, increasing its assets to $1trn.
Last December, Davy Global Fund Management (DGFM), the management company business of Irish wealth manager Davy Group, acquired Luxembourg-based third-party fund management company Novacap Asset Management.
Earlier in 2020, Ocorian acquired Luxembourg-based third party ManCo and fund administrator Allegro.
EFG International moves
Meanwhile, EFG International is ramping up its presence in other countries.
Last month, the Zurich-based private bank enhanced its presence in Cyprus as part of its strategy to focus on geographies with “long-term growth potential”. It also secured the green light from regulators for the same.
These include the establishment of a new subsidiary investment firm of EFG Private Bank (UK) in Nicosia. The new entity will be called EFG Cyprus. The bank will also set up a new representative office, based in Limassol, of EFG Private Bank (UK).
In October 2019, the bank set up a new advisory office in Dubai following regulatory approvals as part of the same strategy.
Earlier in 2019, EFG International picked a 51% stake in Australian financial services firm Shaw and Partners.
