France’s PIM Gestion and IT Asset Management to merge
French asset managers PIM Gestion France and IT Asset Management (ITAM) are to unite, forming a new entity with €750m ($1bn) invested in international equities.
The new organisation will remain an independent asset management company owned by its executives and employees.
According to Muriel Faure, head of ITAM, and Béatrice Philippe, head of PIM Gestion France, their shared goal is to build a new nimble company capable of growth in a constantly changing environment.
Faure and Philippe described the merger as “an evolution not a revolution” as the two companies share complementary skills. PIM’s lie in global and regional investment and ITAM’s in technology.
“Our investment teams, products and commitment to serving our clients remain unchanged. The merger will simply broaden our research capabilities,” they said.
The merger will be finalised in the coming weeks. When completed, the two companies will share a professional investor base in France and abroad.
PIM’s clients are currently located in the US, Canada, UK, France, Benelux and Switzerland and it has an office in New York.