Fiduciary and administration provider Estera has acquired Allegro, a Luxembourg-based, third-party management company. Allegro provides alternative investment fund manager (AIFM) and fund administration services for a range of fund types, with about €8.2 billion in assets under management, primarily in underlying investment strategies with a private equity/real estate focus. The deal, which was agreed on Sept. 20, 2018, is subject to regulatory approval in Luxembourg.
Allegro, founded ten years ago, is a licensed and regulated fund management company providing alternative asset services. The acquisition supplements Estera’s existing, multi-jurisdiction fund services arm, which includes fund administration and related services.
Allegro’s clients are large-scale institutional investors, international fund promoters and investment managers who will benefit from institutional backing and an enhanced service offering in funds and corporate services globally.
Farah Ballands, CEO at Estera said: “This is a very exciting acquisition for Estera as Allegro’s business is highly complementary to our existing offering.”
She also emphasized the cultural compatibility between the two firms.
“This sound, strategic acquisition enables us to provide our clients with investment fund services in Luxembourg and adds depth and breadth to our existing funds offering,” she said.
Business will continue as usual for both Allegro’s employees and clients, Ms. Ballands added.
“This transaction is an investment in, and validation of, Allegro. Our primary objective is to ensure that we retain the Allegro spirit and culture that resonates so well with our own and has served its client base so well over the last ten years.”
Allegro will continue to be led by Manuel Hauser, the founder and CEO of Allegro.
“We are excited to partner with a firm that has an international footprint and expertise that will provide added value for our clients whilst ensuring the same level of responsiveness and quality our clients appreciate,” Mr. Hauser said. “We rigorously selected our partner, and this represents the ideal outcome for both our clients and employees as our clients will continue to receive our personalized services from their existing client service teams.”
Richard Gordon, managing director of Estera in Cayman, added: “The connections between Cayman and Luxembourg are well known and this is a very exciting development for our clients. We already have a presence in Luxembourg following our acquisition in July 2017 of Headstart, a leading service provider to private equity structures in Luxembourg. Our new partnership with Allegro facilitates an enhanced service offering, including AIFM services and fund administration.”