KB Associates (KBA) has finalised the acquisition of Luxembourg-based EFG Fund Management, a subsidiary of Swiss private banking group EFG International.
The transaction, whose financial terms are not known, was closed after receiving regulatory clearance.
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The acquisition was first announced by KBA in February this year.
Founded in 2003, Dublin-headquartered KBA specialises in the provision of the management company, governance, and compliance services to investment funds and asset managers.
The firm has offices in London, Cayman Islands, Malta, and now Luxembourg and over 80 consultants who work with more than 250 asset management firms.
KBA said that the acquisition of the EFG management company provides the company with the ability to support its clients in the Cayman Islands, Ireland, and Luxembourg.
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By GlobalDataThese regions are important jurisdictions for KBA where it has established investment funds.
KBA managing principal Mike Kirby noted that EFG is a longstanding client of both the company as well as its management company in Ireland.
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 the multi-jurisdictional capabilities needed to fully support the evolving needs of our clients in the jurisdictions where they have investment products.”
Other M&A activities in Luxembourg
Consolidation activities in the financial services space in Luxembourg have ramped up lately.
In February this year, 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.
