French boutique Financière de l'Echiquier has acquired convertible bonds specialist Acropole Asset Management.
The deal, which is awaiting approval from the French market regulator, will bring Echiquier's assets under management to over €6 billion.
The Paris-based group Acropole AM is a specialist in convertible bonds, credit and volatility and will strengthen Echiquier's bond offering. New products are planned further down the line, the firm said in statement.
The vast majority of Acropole AM's €750 million in assets comes from institutional investors and is spread out across 9 funds.
The firm was launched in 2006 by Jacques Joakimides, Emmanuel Martin and Nathalie Sabathier and it is understood Joakimides is now on Echiquier's board of directors.
The specialist's investment teams and funds will remain intact following the acquisition and its fund range includes:
- Acropole Global High Yield which is run by the same manager quartet
- and absolute return funds Acropole Vol Opportunités and Acropole Convertibles Arbitrage.