French boutiques Amaïka, Cedrus and 360Hixance have announced plans to merge in order to create a greater presence in the investment industry.
The deal, which is still subject to regulatory approval, will see the Paris-based firms brought together under the banner of SANSO Investment Solutions with combined assets under management of €650 million.
Speaking to Citywire Selector, David Kalfon, president and founder of Amaïka, said the deal would bring together Cedrus AM’s sustainability expertise, his own firm’s specialism in direct investing and 360Hixance’s relationships in the wider French market.
Kalfon will continue as president of the new venture, while Cedrus AM’s chief executive officer, Benoit Magnier, will assume the role of director general and deputy president.
‘The market is moving in the direction of increased mergers,’ Kalfon said. ‘We have seen that with Amundi/Pioneer and Janus/Henderson at the larger end of the scale and we believe it makes sense for relatively smaller companies to leverage their expertise as well.’
The deal is set to go through by June 30 and will see SANSO IS formed with a 16-strong investment team. It is understood there will be only a handful of existing staff members from the three companies who will not move across under the new arrangement.