Asset manager Candriam is to add €350 million to its assets under management after a deal with Paris-based Rothschild & Co Asset Management Europe.
Rothschild’s alternative multi-asset management business, which consists of open-ended funds domiciled in France and Luxembourg, is to be transferred to Candriam following a partnership agreement between the two firms.
Candriam says this transfer will help it develop its alternative investment business.
An alternative investment fund-of-funds and a microfinance fund are involved and the transfer, as are the alternative multi-asset management teams from the Rothschild business.
Candriam deputy chief investment officer Fabrice Cuchet said: “This deal will enable Candriam to reinforce its value proposition and enter a new development phase in the alternative investment space, which should prove particularly appealing to investors in the current environment.”
The firm had €130 billion of assets at December 2019, says the company will now reach a sufficient size in this asset class to attract new investors.
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