Primonial Group announced today that it has completed the acquisition of the 60% stake it did not already own in La Financière de l’Echiquier (“LFDE”), further to the lifting of the conditions set by the Autorité des Marchés Financiers and the approval from the Autorité de la Concurrence. As a result, Primonial Group now owns 100% of LFDE.
Stéphane Vidal, Chief Executive Officer of Primonial Group, commented : “We are delighted to announce the completion of the Primonial Group/LFDE deal, which sees one of France’s best financial asset management brands join Primonial Group and gives us a unique opportunity to create a leading player in France and Europe. We are fully convinced that the very high level of expertise of LFDE’s existing teams will enable us to strengthen our positions by continuing to offer the most innovative and long-term solutions across all our activities, and to tackle the challenges our industry is facing, particularly with regards to client relations. The excellent performance of LFDE’s funds since the start of the year shows the ability of its asset management teams to pursue the conviction-based management approach upon which LFDE has built its success over the last 28 years, as we work together to write a new chapter in its history.”
Created in 1991 by Didier Le Menestrel and Christian Gueugnier, La Financière de l’Echiquier (LFDE) is one of the leading French independent asset management companies with nearly €9 billion of assets under management and a team of more than 130 employees. Its business: managing savings and financial investments for retail customers, wealth management advisors and institutional customers. LFDE is also present in Germany, Austria, Switzerland, Spain and Benelux.
Source : Company