iM Square, the Paris-headquartered investment and development platform dedicated to asset management, has received an extended financing commitment from Eurazeo, one of its founding shareholders and expected to become its reference partner.
This new support will enable iM Square to acquire three to six additional participations in entrepreneurial active asset managers with $1 to $20bn of assets under management, high growth potential and complementary strategies, such as alternative managers.
iM Square targets mostly Europe and US-based asset managers, having already purchased minority stakes in equity growth specialist Polen Capital and Dolan McEniry Capital, focused on US corporate bonds.
It is understood iM Square continues to seek new shareholders which have distribution and investment capabilities, in the US and Europe and has set a target to invest over $500m within 2 to 4 years with current (Eurazeo, Groupe Dassault / La Maison, Amundi) and future shareholders.
Former AMG Funds distribution chief joins iM Square
Another milestone for the company remains the launch of its US distribution platform as explained by iM Square’s founder and CEO Philippe Couvrecelle (pictured) to InvestmentEurope in the December 2017/January 2018 issue.
The company will support and develop the operational distribution capability of its current and future partners in both Europe and the US. iM Square has appointed Jeffrey Seeley as head of iM Global Partner US.
Seeley is the former head of US Distribution at AMG Funds, a multi-boutique investment platform that has been a model to iM Square. At AMG Funds, Seeley developed customised distribution and service strategies for more than 20 affiliates.
He also held roles of head of Distribution & Sales at BP Capital Funds and at Resource Securities, a subsidiary of Ciii Capital Partners.
iM Global Partner US will have a sales and distribution team of 6 to 10 people in the coming years to help drive significant asset flows, to identify and create new partnership, and to develop new products.
iM Square’s objective is to grow the team to 20 people over the two iM Global Partners platforms.
Philippe Couvrecelle, founder and CEO of iM Square, said: “This additional commitment from our shareholders is a mark of trust and confidence which will allow us to accelerate the rollout of our project, not only by acquiring stakes in new partner companies to complete our product offering, but also by strengthening our distribution capability.
“Indeed, it comes at a time when we are launching our US distribution platform and developing our distribution resources in Europe and within other markets. It will enable to bring our current and future partners not only a source of permanent capital, but also a unique distribution task force to partner and service their growth.”
On Seeley’s appointment, Couvrecelle added: “His 20-year experience and his cultural fit with iM Square entrepreneurial philosophy will be critical assets for his mission to support and develop the operational distribution capability of our current and future European and US partners in the US.”
Commenting on Eurazeo’s new support to iM Square, Marc Frappier, managing partner of Eurazeo Capital, said: “We are convinced that financial services, and asset management in particular, are a promising investment sector for Eurazeo that benefits from solid fundamentals.
“The launch of IM Square is a wonderful initiative that combines growth and entrepreneurial spirit, in a particularly deep market, offering its shareholders the
opportunity to deploy several hundred million euros. We are delighted to support its founders by providing them with the long-term horizon and financial strength adapted to their market.”