Oddo & Cie takeover of Kleinwort Benson given go-ahead

Aquisition1Oddo & Cie, a Franco-German financial services firm, has been cleared to take over Irish asset manager BHF Kleinwort Benson Group.

The European Central Bank has given regulatory approval on condition that Oddo increases its capital by €100 million and that it joins the German Guaranteed Funds Deposit (GFD), a mechanism used to cover investor deposits.

Oddo & Cie shareholders have approved the capital increase and the firm is waiting confirmation of its application to the GFD and approval of its prospectus related to the takeover by the Belgian Financial Services and Markets Authority.

Oddo & Cie has acquired a number of firms over the course of the year, including German bank Seydler and former BNY Mellon boutique Meriten. The firm holds around €45 billion in assets under management, with the acquisition of Kleinwort Benson adding another €58.5 billion in assets.

“The green light from the European Central Bank is an important milestone in our project of acquiring the BHF Kleinwort Benson Group and thus of giving rise to a unique Franco-German group,” says Philippe Oddo, managing partner of Oddo & Cie.

©2015 funds europe