French financial group Crédit Mutuel Arkéa, through its multi-boutique asset management arm Arkéa Investment Services, has purchased a 15% stake in Paris-based European equity-focused manager Mandarine Gestion. Mandarine Gestion’s staff holds a 65% stake in the firm’s capital.
Arkéa Investment Services and Mandarine Gestion will develop commercial and operational synergies. Crédit Mutuel Arkéa will support Mandarine Gestion’s commercial development and help the boutique to grow outside France over new client segments. Some 60% of Mandarine Gestion’s €3.2bn of assets under management come from French clients while international investors account for 40%.
According to the terms of the deal, Mandarine Gestion’s strategies will enlarge Arkéa Investment Services’ fund offering, that already shelters expertises of Federal Finance Gestion (asset allocation and ESG), Schelcher Prince Gestion (fixed income and convertibles), Vivienne Investissement (quantitative), Swen Capital Partners (SRI non-listed investments) and Arkéa Banque Privée (wealth management).
Ronan Le Moal, chief executive officer of Crédit Mutuel Arkéa, commented: “Marc Renaud and his team have built one of the most successful stories of the French asset management industry with Mandarine Gestion. The European equity and asset allocation expertises of this new partner bolster these of Arkéa Investment Services.”
Marc Renaud, chairman and founder of Mandarine Gestion, said: “The entry of Crédit Mutuel Arkéa into Mandarine Gestion’s capital will enable us to reach another milestone in our development. Being part of Crédit Mutuel Arkéa’s expertises will provide us more visibility within its network, in France and abroad, and will enable us to step up our commercial development while keeping our independence.”
Mandarine Gestion was established in 2008 and also counts Financière Dassault and La Banque Postale Asset Management among its shareholders.