German bank Hauck & Aufhäuser through its Luxembourg subsidiary Hauck & Aufhäuser Fund Services has acquired majority stake in Irish alternative investment fund manager (AIFM) Crossroads Capital Management (CCM).
Image: Hauck & Aufhäuser acquires majority stake in CCM. Photo: Courtesy of Gerd Altmann/Pixabay.
Based in Dublin, CCM is specialised in a range of services for investment managers and fund promoters in Europe. It offers comprehensive AIFM solutions under Alternative Investment Fund Managers Directive (AIFMD).
With the latest acquisition, which is subject to approval from the Central Bank of Ireland, the assets under control by Hauck & Aufhäuser will now amount to about €124bn (£110.4bn).
“The transaction is set to add an international component to the product portfolio of the core business segment Asset Servicing,” the German bank said.
Hauck & Aufhäuser management board member Dr Holger Sepp said: “Ireland is an important hub for the launch and international distribution of investment funds.
“With 4.6 tn. EUR As-sets 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 Donnacha Loughrey (Managing Director) 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.”
Loughrey said: “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.”
In December 2017, the German bank had acquired the Sal. Oppenheim jr. & Cie. Luxembourg and Oppenheim Asset Management Services, after receiving approval from regulators.
Following the acquisition, the bank renamed the companies as Hauck & Aufhäuser Fund Platforms and Hauck & Aufhäuser Asset Management Services.