Oddo becomes latest French manager to tackle German market

France’s Oddo Asset Management becomes the latest French asset manager to expand into the large and sophisticated German market, following Financière de l’Echiquier and Carmignac Gestion.

The Paris-based firm announced it is to “enter a new phase of its international development” with the opening of an office in Frankfurt, following rapid expansion via new offices opened in Milan and Zurich in 2011.

Oddo has already been working with German and Austrian clients for almost five years. The new office, to be headed by Evelyn Muth, underlines its “long-term commitment to this strategically important market”, the firm said.

Austrian-born Muth joins with more than 20 years’ experience in the asset management industry, 17 of which were spent with Fidelity in Germany and Luxembourg, where she was head of retail distribution.

Oddo Asset Management is the asset management subsidiary of the venerable banking group Oddo & Cie, which dates back to the 19th Century. With some €11.2bn assets under management at end 2011, the firm now has a presence in five financial centres: Paris, Frankfurt, Zurich, Milan and Dubai.

Nicolas Chaput, Oddo AM managing director, said Germany is one the firm’s three strategic European markets. Its international strategy is based on three pillars: commercial operations in strategic countries; strategic partnerships with local stakeholders (such as that just signed with Guosen of China); and a policy of external growth, consolidations and acquisitions, “while keeping an eye out for opportunities in the asset management market”.

Muth noted Oddo’s European mid-cap and convertible bond expertise, and said a local presence in Germany will help make “targeted modifications to the format and content of our product range, so as to meet specific (client) requirements”. Her first priority will be to highlight Oddo AM’s expertise in Yield and Commodities.

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