Dublin-based management company (ManCo) service provider KB Associates (KBA) has expanded its remit to Luxembourg following the acquisition of EFG Fund Management.
The acquired firm, a subsidiary of Swiss private banking firm EFG International, has been a longstanding client of KBA’s Irish ManCo.
EFG Fund Management also has a ManCo of its own in Luxembourg.
The purchase comes at a time when the use of third party ManCo services is expected to rise across Europe as a result of greater regulatory requirements and the need for fund management companies to bolster their senior leadership teams, a development that is causing many of the smaller players to delegate their ManCo responsibilities to external providers.
Mike Kirby, managing principal at KBA, said the acquisition allows the firm 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.”
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