French asset managers La Financière de l’Echiquier and Primonial have announced that they are joining forces to create a major European asset management group.
Under the agreement, La Financière de l’Echiquier will acquire the asset management activities of Primonial, AltaRocca Asset Management and Stamina Asset Management (currently operating under the Primonial Investment Managers brand name) for an undisclosed amount.
On the other hand Primonial will acquire a 40% stake in La Financière de l’Echiquier, becoming a reference shareholder alongside founders and majority shareholders, Didier Le Menestrel and Christian Gueugnier.
Created in 1991, La Financière de l’Echiquier is one of France’s largest independent asset management companies with more than €8 bn in assets under management and a team of 100 employees. The company is active in France, Germany, Austria, Switzerland, Italy, Spain and Benelux and manages savings and financial investments for retail customers, wealth management advisors and institutional customers.
Primonial, with nearly €17 bn of assets under management and a 580 workforce, is a major real estate investment and fixed-income manager in France.
'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, while the contribution of AltaRocca AM and Stamina AM will provide La Financière de l’Echiquier with a broader product range,' asid Didier Le Menestrel, La Financière de l’Echiquier’s Chairman.
Following closing of the transaction, expected for the first quarter of next year, La Financière de l’Echiquier will manage more than €10 bn in assets, reinforcing its position in the fixed income segment.
'The background, the strong brand name and funds’ performance track-record of La Financière de l’Echiquier will significantly contribute to Primonial group’s strategic development by completing its financial asset management offering. 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.),' explained Stéphane Vidal, Primonial’s Chairman.
Upon closing of the transaction, La Financière de l’Echiquier’s Board of Directors will be chaired by Didier Le Menestrel, the founder and current Chairman-CEO of the company. Christophe Mianné, while retaining his current position as Deputy CEO of Primonial group in charge of Asset Management, will become La Financière de l’Echiquier’s Chief Executive Officer. Christian Gueugnier will remain Deputy CEO of La Financière de l’Echiquier.
The deal was backed by Primonial group’s shareholders (Bridgepoint, Crédit Mutuel Arkéa and its management) and from the board of directors of La Financière de l’Echiquier.
