The former chairman of Edmond de Rothschild Asset Management has launched a business venture to help improve the international visibility of asset management companies.
Philippe Couvrecelle (left) and associate Jean Maunoury have worked together to launch the IM Square platform.
The duo said, while similar ventures operate in the United States, this is the first of its kind in Europe.
According to the co-founders, IM Square aims to create an ecosystem bringing together entrepreneurial asset managers, distributor and global investors.
They said it will focus on the distribution and marketing, organisation and global expansion of asset management companies which are known in their domestic market but not present internationally.
Couvrecelle, who is now chairman of his own consultancy firm PTH Conseil, left EDRAM in July 2012 after five years with the company. Maunoury, currently general director at PTH Conseil, also worked for EDRAM as head of strategy and global asset allocation manager.
Commenting on the new launch, Couvrecelle said: ‘We have noticed that there are many attractive opportunities for talented entrepreneurial companies that are unsure how to tackle the international market with efficiency.’
The new financial partnership will involve acquiring minority stakes in the capital of entrepreneurial companies wishing to add long-term shareholders.
The platform targets investment companies that are already mature in their local markets – primarily in the US, but also Europe and Asia – with asset under management ranging between $1 and $15 billion.
‘We have estimated that there are over 1,000 companies worldwide that meet our assets under management criteria. And we regularly discover gems that are known on their domestic market but have no international visibility,’ Maunoury said.
Couvrecelle and Maunoury will fund the new venture through a first round of fundraising planned for the end of the year, with a target of €60 to €80 million. The final aim is to raise €250 million to finance a dozen investments and go public with the next 5 to 7 years.
To date, the co-founders said they have the support of European private investors’ club La Maison and the Philadelphia-based private equity fund Rosemont Investment Partners.
Moreover, 20 companies - of which 70% are American and 30% European, Asian and Australian - feature in the pipe-line of asset managers due to join the new platform’s investment universe.