German firm takes stake in Crossroads
GERMANY'S Hauck & Aufhäuser has bought a majority stake in Dublin-based alternative fund manager Crossroads Capital Management.
The Irish company provides a number of services for investment managers and fund promoters in Europe.
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The stake in the Irish firm will bring Hauck & Aufhäuser's total assets under control to about €124bn.
The deal is subject to approval from the Central Bank of Ireland.
Holger Sepp, a board member at Hauck & Aufhäuser, pointed out that there are €4.6trn of assets under administration in Ireland.
Mr Sepp said that buying the stake in Crossroads Capital Management marks a "strategic first step" to invest in Ireland.
Crossroads Capital Management is headed by managing director and chief information officer Donnacha Loughrey.
The firm is owned by John Bohan of fund administration group Apex Fund Services.
Enterprise Ireland is also an investor in Crossroads Capital Management.