According to KB Associates, the investment funds advisory firm acquired EFG, a “longstanding client of the firm” for an undisclosed sum and the transaction remains subject to regulatory clearance.

EFG Fund Management is a subsidiary of Swiss private banking group EFG International, and is headquartered on Grand Rue in Luxembourg City. According to its website, it positions itself as a one stop shop for investors and clients in fund administration. Its last accounts, dated 2019, show the company employed 4.7 full-time staff equivalents.

Mike Kirby, managing principal at KBA, wrote in a statement: “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.”

Founded in 2003, KB Associates has offices in London, Cayman Islands and Malta and works with 250 asset management companies. It currently supports investment funds with assets under management of over €250bn.