French giant Amundi, investment group Eurazeo and investor club La Maison have become founding shareholders in a business venture to promote international asset managers in the US.

The three firms have agreed to commit €40 million to the European investment and development platform, known as IM Square.

The platform was first announced in September of last year and is the brainchild of former Edmond de Rothschild Asset Management chairman, Philippe Couvrecelle and associate Jean Maunoury.

All three of the asset management firms will be founding shareholders when the first investment takes place in Q4 2015. La Maison, which has worked with IM Square previously, has supported the platform since it launched last September.

IM Square will acquire minority stakes in the asset management companies, and them it to grow outside their domestic market, expanding their client base and supporting them with their international business development.

Commenting on the new shareholders, Couvrecell said: ‘This highly innovative project for the asset management industry combines financial and industrial partnerships while respecting individual companies’ mind-sets.’

‘The strength and diversity of our initial pool of shareholders will enable the platform to operate independently, to the benefit of our affiliates. The objective is to create a virtuous ecosystem bringing together entrepreneurial asset managers, international distributors, and investors.’

IM Square targets investment companies that are profitable and recognised in their home markets, which manage between $1 billion and $15 billion.

The platform aims to invest a minimum of €250 million euros within the next two to four years. IM Square may invite other large shareholders and finance further growth with a possible IPO.