French asset manager La Financiere de l’Echiquier has agreed to acquire the asset management operations of France-based Primonial- AltaRocca Asset Management and Stamina Asset Management- for an undisclosed sum.
The merged entity will have more than €10bn in assets. La Financiere expects the deal to enhance its position in the fixed income space.
Under the arrangement, Primonial will purchase a 40% stake in La Financiere. The move will make Primonial a reference shareholder in La Financiere in addition to the latter’s majority founding shareholders Didier Le Menestrel and Christian Gueugnier.
The deal already secured the nod of Primonial shareholders and La Financiere board. It is expected to be completed before the end of the first quarter of 2018, subject to regulatory approvals.
Post deal completion, Christophe Mianne will become the firm’s CEO but will continue to serve as deputy CEO in charge of asset management at Primonial. Christian Gueugnier will remain deputy CEO of La Financiere, while Didier Le Menestrel will chair La Financiere board.
“Our partnership with Primonial will enable us to accelerate our development in the retail and institutional customers segments, benefiting from Primonial’s unique distribution platforms, whilst the contribution of AltaRocca AM and Stamina AM will provide La Financière de l’Echiquier with a broader product range,” Le Menestrel noted.
Primonial chairman Stephane Vidal added: “This partnership will allow us to offer to our customers a range of investment solutions covering all key asset classes (real estate, equities, fixed income/convertibles, structured products, etc.)”