The monastery was founded in 1112 by Udalschalk, or Udiskalk, a relative of Bishop Ulrich of Passau, to which he gave all his estates as an endowment. In 1114 the new foundation was settled by monks from Göttweig Abbey. Bishop Ulrich dedicated the church in 1116 and granted the abbey the large parish of Aschbach. In 1142 it also received the large parish of Wolfsbach. Out of these two original parishes were formed the fourteen modern parishes for which the abbey is still responsible. Since 1625 the abbey has been a member of the Austrian Congregation, now within the Benedictine Confederation.