La Française acquires German AM
La Française has acquired Veritas Investment GmbH and Veritas Institutional GmbH, based in Frankfurt and Hamburg. The acquisition is subject to the approval of the relevant supervisory authorities and to the fulfilment of other conditions that are standard for such transactions.
Operating since 1991 in the German market, Veritas Group has more than €7bn in assets under management and focusses on portfolio management with innovative risk management for institutional and retail investors.
With this acquisition, La Française will become a significant local player in Germany, with €8bn in assets under management and forty-eight professionals operating out of 2 main locations (Hamburg and Frankfurt).
This acquisition will enable La Française Group to achieve 2 of its 2020 Medium Term Plan objectives: assets under management will grow well beyond €70bn, and more than 25% of assets will come from international investors.
Patrick Rivière, managing director of La Française Group said: “This acquisition is the conclusion of an eighteen month search for an appropriate local partner. In our development strategy, Germany was identified early on as a priority and this acquisition strengthens our positioning as a local player covering both securities and real estate. Veritas is recognised for its Risk@Work method in Germany and its quantitative multi-asset investment management approach which complement well our asset management expertise.”