La Française buys stake in Alger
La Française AM has signed a strategic partnership with Alger Management, affiliated to the US asset management company Fred Alger Management. The international multi-class asset manager will take a 49.9% interest in Alger. Therefore, two executives of La Française will join the new five member board of Alger.
Both firms are seeking for synergies in distribution, market development and product diversification. La Française will provide distribution capabilities and acceleration capital. Fred Alger Management, managing $22.4bn (€19.8bn) assets, is focusing on US equities with additional capabilities in international and alternative equities, will bring its expertise in growth equities.
Patrick Rivière, managing director of La Française commented: “Together, with Alger, we’ll be developing new markets and building on its well-merited reputation among American retail and institutional investors as a high-standing and innovative asset manager. These past three years of intensive international development have led to this ultimate partnership, completing our now established equities expertise.”