By successfully closing its acquisition of European Fund Administration, Universal Investment has pushed its assets under administration by more than a fifth to above 900 billion euro in more than 7000 funds, the firm has announced. Financial details were not disclosed.
With the acquisition, Universal Investment strengthened its position as multi-jurisdiction ManCo/AIFM and offers Fund Administration across all asset classes. Closing the transaction was possible after it received permission from Luxembourg’s financial supervisory authority CSSF. The agreement to buy EFA was already announced in April.
In the future, EFA will act as the group’s international investor services platform and its branding will evolve, Universal Investment said.
Founded in 1996, EFA has offices in Luxembourg, France and recently opened an office in Sweden. It is an independent provider of fund administration, private asset services and front, middle and back office solutions. Its clients include asset managers, banks, insurance companies, wealth managers, family offices and institutional investors.
‘Efficient platform’
“Universal Investment Group thus strengthens its presence in Europe and the attractiveness of its products, especially for international asset managers who need an efficient platform for their assets,” said Michael Reinhard (photo), CEO of Universal Investment, in a statement..
EFA and Universal Investment Luxembourg, the largest third-party management company and largest AIFM in Luxembourg, will continue as separate entities and be managed independently. Customers can therefore choose and combine the product lines from each business entity.
“Customers from both companies will benefit from a modular offering of EFA’s investment administration capabilities and Universal Investment Luxembourg’s management company function, which is complemented by our fund distribution team,” said Katja Müller (photo), chief customer officer at Universal Investment.
Expansion seen in Nordics and France
“We are excited to work together with Universal Investment Group to bring more service optionality to our clients and push new product developments,” explains Gary Janaway, newly appointed CEO and former COO of EFA.
Universal Investment said it further aims to “significantly expand” business activities in the Nordics and France in particular in order to further internationalise the client structure and extend the joint range of services.