The monastery, dedicated to Saint Stephen, was founded in 969 by Saint Ulrich, Bishop of Augsburg, and used by Augustinian canonesses. It was dissolved in the secularisation of Bavaria in 1803, and the premises passed into the possession of the town. The army used the site for a few years as a quartermaster's store.
In 1828 King Ludwig I of Bavaria founded a grammar school here, as a successor to the former Jesuit college of St. Salvator (1582-1807). In 1835 he established the Benedictine monastery and entrusted it with the running of the school. The buildings were entirely destroyed in 1944 but have been re-built.
The monks continue to run the school and boarding house, and are engaged in pastoral and youth work.