Universal Investment Group has completed the acquisition of Luxembourg-based financial services provider European Fund Administration S.A in an effort to expand its business activities in the Nordics and France.
The agreement for the acquisition was signed in April and has recently been approved by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg financial regulator.
As part of the mandate, Universal will also look to internationalise the client structure and extend the joint range of its services.
EFA was founded in 1996 and has offices in Luxembourg, France and has recently opened an office in Sweden.
Post acquisition, EFA and Universal Investment Luxembourg will continue as separate entities and will be managed independently.
Michael Reinhard, CEO of Universal, says: “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.
Gary Janaway, newly appointed CEO and former chief operating officer at EFA, comments: "We are excited to work together with Universal to bring more service optionality to our clients and push new product developments.”
