Paris-based Advenis Investment Managers has sold 51% of its shares to Austrian asset manager C-Quadrat Investment, in a deal worth €4.2 million.
The two companies announced completion of the deal on 5 December, which marks a continuation of C-Quadrat’s growth strategy, specifically focused on asset management.
C-Quadrat said the move enables it to expand its international coverage by gaining its first foothold in the French asset management market, while also aiding company diversification.
It currently runs a host of active investment funds covering a wide range of asset classes, from total return approaches to commodities-focused funds and Asian equity strategies.
Independent asset manager Advenis oversees equity, fixed income and multi-asset funds and has €228 million in assets under management at present.
This deal comes during a period of significant activity in France’s independent operator market, with value veteran Marc Renaud having sold a minority stake in his fund house Mandarine to a French regional bank earlier this week.
C-Quadrat and Advenis' deal is still subject to regulatory approval but is expected to be completed in the first quarter of 2018.