La Française and Tages Capital sign strategic partnership
La Française and Tages Capita have announced the agreement of a strategic partnership.
Under the terms of the partnership, La Française will acquire a 40% stake in Tages Capital and delegate the management of its existing range of funds of hedge funds and Ucits funds with approximately $1bn of AUM to Tages Capital. Pascale Auclair, CEO of La Française des Placements, and two other La Française executives will be appointed to the management committee of Tages Capital. The transaction is subject to the customary regulatory approval processes.
As part of the agreement, two La Française fund managers will join the investment team of Tages Capital in London. The enlarged team will manage the existing La Française fund of hedge funds product range and ensure the continuity of services for existing French investors. La Française will be the exclusive distributor of La Française and Tages alternative multi-manager funds in France. Outside of France, the two groups will collaborate on international development opportunities.
As of December 31 2013, Tages Capital had approximately $2bn of assets under management and advisory.
Xavier Lépine, founder of Alteram and Chairman of La Française said:
“At La Française, we aim for excellence. This partnership will make of us a benchmark shareholder in a top-tier player in the alternative asset management space in Europe”
Salvatore Cordaro, founder and Chief Investment Officer of Tages, added:
“We share La Française’s enthusiasm for this alliance, which strengthens our competitive position in Europe. We are excited that such an important asset manager has decided to become our partner and we are confident that La Française’s expertise will make a tangible contribution to our business.
“Tages Capital’s unique approach to multi-management investing, through our focus on providing investment solutions rather than products, helped us reach important milestones and grow the business in a challenging market environment.”