Austrian fund management firm C-Quadrat Investment said it is planning to buy the whole of Techno Verwaltungs und Beteiligungs, which is the sole owner of M&A PrivatBank.

The financial value of the acquisition, which is subject to regulatory approval, was not disclosed. M&A PrivatBank specialises in private banking, asset management and corporate finance and has fee-generating assets of €1.3 billion.

C-Quadrat said the combined fee-based assets under management of the two firms would amount to around €5.8 billion.

C-QUADRAT is an independent asset manager operating across Europe and was founded in 1991.