Paris-based ABN Amro Investment Solutions has reached an agreement with Candriam that sees the former handing over its €8bn AUM direct investment management business to the Belgian company, both firms announced.
According to the terms of the deal, ABN Amro IS will transfer institutional mandates and dedicated funds as well as open-ended French-regulated funds. Multi manager products and solutions are not within the scope of the agreement.
In a joint statement, ABN Amro said the transfer is line with its strategy of focusing on open architecture solutions instead of direct investment management.
It is understood Candriam will also manage the assets of Neuflize Vie, Neuflize OBC’s life assurance and capitalisation affiliate.
The transaction will enable Candriam to strengthen its presence towards French institutional clients and its expertise, in particular in the field of convertible bonds. Following completion of the deal, subject to the approval of French financial markets regulator AMF, ABN Amro IS’ direct investment management teams will join Candriam.
Stéphane Corsaletti, CEO of ABN Amro IS, said, “For the past 20 years, ABN Amro Investment Solutions has been building a leading open architecture and multi manager platform. Converting our direct asset management expertise into new delegations entrusted to Candriam is in line with our strategy of focusing on open architecture solutions. As a consequence, Candriam will occupy a significant place in our universe of almost 40 sub advisors.”
Naïm Abou-Jaoudé, CEO of Candriam Investors Group and chairman of New York Life Investment Management International, added: “We would like to thank ABN Amro for the trust they have put in us by transferring these high-quality assets. Candriam is delighted to take over management of these portfolios. For more than 20 years, our success has stemmed from our strong conviction to always put the client at the heart of our business.
“Our high-quality and diversified investment solutions have always been strong points of our value proposition. They have driven our expansion and are the bedrock of our historic presence in France. We will continue to harness these strengths to build long-term, trust-based relationships with our clients.”