Hauck & Aufhäuser AG has acquired a majority stake in Crossroads Capital Management (CCM) via its subsidiary in Luxembourg.
The acquisition, which is subject to the approval of the Central Bank of Ireland, adds an international component to the product portfolio of the core business segment asset servicing.
After completion of the transaction, Hauck & Aufhäuser's assets under administration will amount to approximately €124bn.
CCM is an alternative investment fund manager and a Ucits management company based in Dublin, specializing in a range of services for investment managers and fund promoters in Europe.
Holger Sepp, Member of the Management Board of Hauck & Aufhäuser, said: "Ireland is an important hub for the launch and international distribution of investment funds. With €4.6trn of assets under administration, Ireland is the second largest European hub after Luxembourg. For this reason, we want to take this strategic first step to Ireland, which we were able to realize through this acquisition."
"We also look forward to continuing to work on this project with CCM's managing director Donnacha Loughrey as a partner and to being able to rely on the quality and expertise of CCM's current team in the future. CCM ideally complements our range of services."
Donnacha Loughrey, managing director of CCM, added: "We are delighted to partner with Hauck & Aufhäuser, a niche player in Asset Serving and one of Luxembourg's largest fund service providers. The global fund industry has undergone a very dynamic development and, with the support of Hauck & Aufhäuser, we expect considerable opportunities to expand our business. The partnership will enable us to offer a range of additional services to our existing clients while expanding and offering our fund solutions to a larger global client base".