Universal Investment partners with Alumia to boost fund distribution

Universal Investment Group has entered into a joint venture with Luxembourg-based investment advisory firm Alumia, according to a press release on Wednesday. Universal Investment Grouphas entered into a joint venture with Alumia, which Universal Investment said on 27 September 2023 was a significant move that augmented its existing role in the fund services and super manco sector. Alumia, headquartered in Luxembourg and regulated by the markets in financial instruments directive (Mifid), aimed to offer innovative and high-quality investment strategies to a diverse clientele, including asset managers and corporate and family asset owners. David Saab, Alumia’s chief executive officer, brought with him two decades of banking and asset management experience, having worked with notable firms such as JP Morgan and Rothschild. Saab, also a co-founder of Aperture Investors, underscored the increasing complexities and costs associated with building a compliant, experienced sales force that also leverages digital channels. In terms of the joint venture’s structure, the majority of shares were held by Alumia’s management, while Universal Investment Group maintained a significant minority stake, according to the press release. Katja Müller, Universal Investment’s chief customer officer, emphasised the importance of active fund distribution capabilities as a differentiator for third-party mancos and alternative investment [...]

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