Paris-headquartered companies La Financière de l’Echiquier (LFDE) and Primonial have signed an agreement that will see LFDE purchasing the asset management activities of Primonial, AltaRocca Asset Management and Stamina Asset Management, currently operating under the Primonial Investment Managers brand.
According to the terms of the deal, Primonial will acquire a 40% stake in LFDE, hence becoming a reference shareholder alongside founding majority shareholders, Didier Le Menestrel (pictured) and Christian Gueugnier.
LFDE will raise its assets under management to more than €10bn through the transaction, that received the agreement from French financial market authority AMF and is expected to close in the first quarter of 2018. AMF. It will also strengthen LFDE’s positioning the fixed income segment.
In the aftermath of the transaction, LFDE’s board of directors will be chaired by Didier Le Menestrel, founder and current chairman-CEO of the firm. Christophe Mianné will become LFDE’s chief executive officer while retaining his role of deputy CEO in charge of Asset Management within Primonial group. Christian Gueugnier will remain Deputy CEO of La Financière de l’Echiquier.
This transaction has been backed by Primonial group’s shareholders (Bridgepoint, Crédit Mutuel Arkéa and its management) and LFDE’s board of directors.
“Our partnership with Primonial will enable us to accelerate our development in the retail and institutional customers segments, benefiting from Primonial’s unique distribution platforms, whilst the contribution of AltaRocca AM and Stamina AM will provide La Financière de l’Echiquier with a broader product range. In addition, I am delighted to welcome Christophe Mianné as CEO of La Financière de l’Echiquier. His expertise and track-record in the asset management sector is internationally recognized” said Didier Le Menestrel.
“The background, the strong brand name and funds’ performance track-record of La Financière de l’Echiquier will significantly contribute to Primonial group’s strategic development by completing its financial asset management offering. This partnership will allow us to offer to our customers a range of investment solutions covering all key asset classes (real estate, equities, fixed income/convertibles, structured products, etc.)” commented Primonial’s chairman Stéphane Vidal.
Established in 1991, La Financière de l’Echiquier currently manages €8bn in assets under management.
Primonial group managed €16.6bn of assets as of end 2016. Recently, French equity manager Rochebrune Asset Management, formerly part of Primonial has left the group, to be run independently by its team.