La Financière de l’Echiquier and Primonial group to enter into a strategic partnership
La Financière de l’Echiquier and Primonial join forces to create a leading asset manager in France and Europe for retail and institutional customers.
On 30 November 2017, La Financière de l’Echiquier and Primonial signed an agreement on the following basis:
– La Financière de l’Echiquier will acquire the asset management activities of Primonial, AltaRocca Asset Management and Stamina Asset Management (currently operating under the “Primonial Investment Managers” brand name),
– Primonial will acquire a 40% stake in La Financière de l’Echiquier, thus becoming a reference shareholder alongside founding majority shareholders, Didier Le Menestrel and Christian Gueugnier.
Thanks to this transforming transaction, La Financière de l’Echiquier will manage more than €10 billion in assets, strengthening its position as a key player among the top five independent asset management companies in France. It will also reinforce its position in the fixed income segment and accelerate its growth by leveraging on Primonial’s powerful distribution capabilities.
“Our partnership with Primonial will enable us to accelerate our development in the retail and institutional customers segments, benefiting from Primonial’s unique distribution platforms, whilst the contribution of AltaRocca AM and Stamina AM will provide La Financière de l’Echiquier with a broader product range. In addition, I am delighted to welcome Christophe Mianné as CEO of La Financière de l’Echiquier. His expertise and track-record in the asset management sector is
internationally recognized” added Didier Le Menestrel, La Financière de l’Echiquier’s Chairman.
“The background, the strong brand name and funds’ performance track-record of La Financière de l’Echiquier will significantly contribute to Primonial group’s strategic development by completing its financial asset management offering. This partnership will allow us to offer to our customers a range of investment solutions covering all key asset classes (real estate, equities, fixed income/convertibles, structured products, etc.)” explained Stéphane Vidal, Primonial’s Chairman.
Upon closing of the transaction, La Financière de l’Echiquier’s Board of Directors will be chaired by Didier Le Menestrel, the founder and current Chairman-CEO of the company. Christophe Mianné, while retaining his current position as Deputy CEO of Primonial group in charge of Asset Management, will become La Financière de l’Echiquier’s Chief Executive Officer. Christian Gueugnier will remain Deputy CEO of La Financière de l’Echiquier.
This transaction has received the unanimous support from Primonial group’s shareholders (Bridgepoint, Crédit Mutuel Arkéa and its management) and from the Board of Directors of La Financière de l’Echiquier. It remains subject to clearance (visa) from the AMF (Autorité des Marchés Financiers), the French financial market regulator, and approval from the Competition Authority.
Closing of the transaction is expected to occur before the end of the first quarter of 2018.
La Financière de l’Echiquier’s financial and legal advisors are respectively d’Angelin & Co. and Sygna Partners. Primonial was advised by Rothschild & Co, DLA Piper and Acetis Finance.
About La Financière de l’Echiquier (“LFDE”)
Created in 1991, La Financière de l’Echiquier is one of France’s leading independent asset management companies with more than €8 billion in assets under management and a team of one hundred employees. Its business: managing savings and financial investments for retail customers, wealth management advisors and institutional customers. La Financière de L’Echiquier is also present in Germany, Austria, Switzerland, Italy, Spain and Benelux. www.lfde.com
Primonial group specialises in all aspects of wealth management. It selects, packages and offers comprehensive solutions for wealth management professionals and their clients. It is supported by a large number of specialists in residential property investments and real estate funds, life insurance and annuities, structured products and asset management.
PRIMONIAL group financial highlights at 31/12/2016
2016 gross inflows: €5.652 billion
Net inflows: €5.2 billion
Assets under management (managed or advised): €16.666 billion
Workforce: 579 employees