The deal was first this year and has now been completed after receiving regulatory clearance, the company said on Tuesday.

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

KBA specialises in the provision of management company, governance and compliance services to investment funds and asset managers. Around 80 consultants work with more than 250 asset management firms. The Luxembourg office joins locations in Dublin, London, the Cayman Islands and Malta.

The acquired EFG Fund Management was founded as a management company and subsidiary of Swiss private banking group EFG International. It employed the equivalent of 4.75 full-time staff in 2020 and reported turnover of €5.1m in its annual accounts for that year.

The accounts state that the change of shareholder announced in February was part of EFG International’s “strategy to rationalise its internal footprint”.