Universal-Investment-Gesellschaft mbH
Bernd Vorbeck - Universal Investment
Bernd Vorbeck, board spokesman at Universal, commented, “Our recipe for success includes our employees’ commitment and expertise, our independence and our distinct business model as the leading Master-KVG platform. That’s why we’re especially excited to have found a new partner and owner in Montagu, which will continue to actively support this strategy in future.”
British private equity group Montagu has completed its acquisition of German fund administrator Universal-Investment, the largest independent investment company in German-speaking Europe. Universal's shareholders Berenberg Bank and Bankhaus Lampe sold their shares to Montagu for an undisclosed sum.
Established in 1968, the Frankfurt-based Universal is now the market leader in administering master funds (Master-KGV) and private label funds for securities, alternative investments and real estate. With €290bn of assets under management, more than 1,000 mandates and 650 employees, Universal is Germany's third-largest institutional manager (behind Deutsche Asset Management and Allianz Global Investors). Its growth over the last ten years has been spectacular, growing from €60bn to €290bn over the period. Last year alone it saw net inflows of €20bn, the highest in the German market.
Much of this growth has been attributable to the Master-KVG platform and the company's private label business, which enables it to offer a huge range of tailor-made options for third party mutual funds.
Bernd Vorbeck, board spokesman at Universal, commented, “Our recipe for success includes our employees’ commitment and expertise, our independence and our distinct business model as the leading Master-KVG platform. That’s why we’re especially excited to have found a new partner and owner in Montagu, which will continue to actively support this strategy in future.”
Behrenberg and Bankaus Lampe had each been 50% partners in Universal since 2012, when they jointly acquired the 27% stake held by Stuttgart-based bank LBBW.
The acquisition is Montagu's second in German-speaking Europe since buying Swiss-based Equatex, a global employee share plan administrator, from UBS Bank in 2015. Last year it also bought the largest Danish property manager DEAS from its pension fund owners PKA and Sampension.
Founded likewise in 1968, Montagu uses its €2.5bn Montagu V Fund for its acquisitions, whose focus is on "differentiated and market-leading companies operating in stable markets with an enterprise value ranging from about €100m to €1bn".
