British private equity firm Montagu Private Equity has agreed to acquire German independent investment company Universal-Investment for an undisclosed sum.
Montagu has bought the German firm from the latter’s current owners Berenberg and Bankhaus Lampe.
Universal-Investment, based in Frankfurt/Main, focuses on fund administration, securities, alternative investments and real estate, and also comprises subsidiaries in Luxembourg and Austria. The group has €280bn of assets under administration and employs 650 staff.
Universal-Investment has increased its assets under administration from about €70bn to €280bn in the past ten years, the German firm said.
Montagu Private Equity director Daniel Fischer said: “For more than 45 years, Universal-Investment has been a pioneer in the investment industry and the benchmark for servicing master funds (Master-KVG) and private label funds.
“We’re particularly impressed by the performance of the management team, which has developed Universal-Investment into a growing platform with an outstanding reputation. We’re excited to work closely with Bernd Vorbeck and his team going forward, accompanying them through the company’s next growth phase.”
The acquisition of Universal-Investment, which is subject to regulatory approval, marks Montagu’s second investment in the financial services sector in the German-speaking region. The firm snapped up Swiss-based Equatex from UBS Bank in 2015.