Dublin based fund and asset management services firm, KB Associates, has bought Luxembourg fund management company EFG Fund Management.

The cost of the deal has not been disclosed and the transaction remains subject to regulatory clearance.

EFG Fund Management is a subsidiary of Swiss private banking group, EFG International, and is a longstanding client of the firm and of KBA's management company in Ireland.

"The opportunity to acquire EFG’s ManCo in Luxembourg allows us to deepen our relationship with EFG, by servicing their funds in Luxembourg, while simultaneously providing us with a management company capability in a jurisdiction that is important to many of our existing clients," said Mike Kirby, Managing Principal at KBA.

KBA was founded in 2003 and currently supports investment funds with assets under management of more than €250bn.

It has offices in London, Cayman Islands and Malta and works with 250 asset management companies.