Two French private investors have taken over German asset manager KGAL from its owner banks for an undisclosed sum.
Two French private investors have taken over German asset manager KGAL from its owner banks for an undisclosed sum.
Francis Louvard and Gregory Ingram have acquired 90% of the shares in KGAL from Bayerische Landesbank, Commerzbank, Haspa Finanzholding and Sal. Oppenheim.
Louvard and Ingram said they intend to pursue a long-term strategy for KGAL as an investment manager for institutional investors, focusing on real estate, infrastructure and aeroplanes.
Georg Reul has stepped down as management board chairman of KGAL ahead of the takeover. His duties will be taken over for the time being by Kurt Holderer, currently CFO of KGAL.
The KGAL Group had around €25.1 bn in assets under management at end-2012.
