French group La Financière de l’Echiquier and wealth manager Primonial have joined forces to create a new power player in the country’s asset management industry.
The deal sees La Financière de l’Echiquier (LFDE) acquire the asset management operations of Primonial, AltaRocca Asset Management and Stamina Asset Management. This is while Primonial acquires a 40% stake in LFDE.
It means LFDE will effectively manage more than €10 billion in assets under management and become one of the top five independent asset managers in France. This is while expanding its product range.
The partnership is also being pursued to help drive LFDE’s fixed income operations, which will be able to utilise Primonial’s extensive distribution network.
This deal, which is still subject to approval from the French financial regulator, is expected to be concluded before the end of the first quarter of 2018. The monetary value of the arrangement was not disclosed.
In terms of personnel changes, Christophe Mianné, who joined Primonial this summer as deputy CEO and head of asset management, will become the CEO of LFDE.
Mianné will also join the combined board of directors, which is chaired by Didier Le Menestrel, who founded LFDE and is the current chairman-CEO of the company.