German independent investment company Universal-Investment Group is setting foot in the Irish fund market by buying Metzler’s Irish fund management company, Metzler Ireland (MIL).

Financial terms of the transaction, which awaits approval from the Irish Financial Regulator, were not disclosed.

MIL had a workforce of 20 and around €2.8bn under management at the end of November. It is a sister company of the more than 340-year-old German private bank B. Metzler seel. Sohn & Co.

This deal builds on Universal-Investment’s aim to become the leading European fund service platform and management company for all asset classes by 2023.

The company plans to develop MIL into its third fund service hub for international asset managers, after Luxembourg and Germany.

The deal

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The latest purchase fortifies Universal-Investment’s service portfolio as a European fund service platform.

The company aims to service the increasingly significant Anglo-Saxon market through the rapid development of the Irish subsidiary, and its service portfolio.

Universal-Investment Group CEO Michael Reinhard said: “The acquisition of Metzler Ireland Limited is part of Universal-Investment Group’s strategy of investing not only in organic growth and digital transformation, but also in the company’s internationalisation.”

It follows the company’s acquisition of the IT specialist UI Labs last year and online investment community CAPinside this year.

Universal-Investment Group chief customer officer Katja Mülle said: “In the future and additional to our fund platforms in Germany, Luxembourg and our location in Krakow, we will also be present as a high-quality provider in Dublin, offering asset managers and institutional investors our structuring, management company, administration and risk management services for all asset classes.”