, Universal Investment Group announced its intention to acquire the fund services provider (EFA). On Wednesday 9 November, Universal Investment announced that it had completed the transaction after receiving regulatory approval from the Luxembourg Financial Sector Supervisory Commission (CSSF) .

The acquisition of EFA will , which recently  to serve its Northern European clients.

As a result of the merger, EFA will act as Universal Investment’s international investor services bank in Luxembourg and France, complementing the group’s main platform in Frankfurt for Germany, Switzerland and Austria.

In a statement, Universal Investment Group emphasised that EFA will retain its own business entity and will be managed independently. Clients will be able to choose and combine the product ranges of each business unit.

“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,” Michael Reinhard, CEO of Universal Investment Group.

Gary Janaway promoted to CEO

As a result of the acquisition, and as planned, Gary Janaway, former COO of EFA, becomes the new CEO, succeeding .

Founded in 1996, EFA is a joint venture between Banque de Luxembourg, Spuerkeess, Oddo BHF and Quintet Luxembourg. At the end of 2020, EFA employed 496 people. It had €166.8bn in assets under administration, in more than 2,700 funds run by around 180 clients in 23 countries. Its main clients are banks, asset managers, insurance companies, wealth managers, family offices and institutional investors.

Universal Investment Group is one of Europe’s leading fund services platforms, managing €750 bn in assets, with around 2,000 mutual fund and institutional mandates. The group has over 1,000 employees and is based in Frankfurt, Luxembourg, Dublin, London, Hamburg and Krakow.

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