French group Advenis has agreed to sell a 51% stake of its asset management arm Advenis Investment Managers, to C-Quadrat Luxembourg, a subsidiary of AUM Austrian company C-Quadrat.
The transaction, subject to the regulatory approval of AMF, amounts to €2.4m with a combination of equity and external funds. It is expected to close during the first quarter of 2018 and aims at establishing a partnership that combine Advenis’s portfolio management platform in France and C-Quadrat’s expertise in this field. Both companies consider plans to increase this business.
Advenis runs equity and fixed income funds as well as multi-asset funds and funds of funds. It currently manages €228m in assets. C-Quadrat, which distributes credit, absolute return and multi-asset funds in six European countries (UK, Germany, Austria, Switzerland, Spain, Italy), has €10bn of AUM.
The management of French property vehicles, previously run by Advenis IM, will be transferred to Advenis REIM before its sale to C-Quadrat.
Stephane Amine, chairman and chief executive officer of Advenis, highlighted the partnership will enlarge Advenis IM’s fund offering towards French clients, in particular European equity funds, and to open new distribution channels in Europe for the firm.
For C-Quadrat, this acquisition forms “the advancement of the continuous growth strategy in the asset management core business” and steps up further regional diversification through the firm’s entry into the French market.
It is understood both firms will work to establish common fund strategies, whether in traditional asset classes or in real estate.
Additionally, the transaction will see Carlos Michienzi, chairman and founding member of C-Quadrat, becoming chairman of Advenis IM