Germany's Universal-Investment has acquired UCITS III platform SEB Master KAG.
The deal gives the hedge fund firm an additional €110 million in assets and a platform with funds managed by the liked of Tungsten Capital Management and Volksbank Invest. The merger will take place over the course of this year.
"This acquisition will strengthen our position as the only complete provider of administration services in Germany," Universal's Bernd Vorbeck said.
"SEB has had business ties with Universal-Investment for many years," SEB Chairman Fredrik Boheman said. "SEB and Universal-Investment will continue to cooperate together in the sectors of custodian banks, prime brokerage and brokerage."