French independent financial services group Oddo & Cie has acquired Meriten Investment Management, giving birth to the first french-german player of the asset management industry.
Together with the Oddo’s asset management branch led by Nicolas Chaput (pictured), they will manage €40bn of assets.
Oddo & Cie said this merger will make the new entity (Oddo Meriten Asset Management) enter the top three of independent players in the eurozone in terms of assets under management.
Through this acquisition, Oddo & Cie is strenghtening its asset management expertise and pursues its development on the German market after having acquired German investment bank Seydler in Frankfurt, early 2015.
Established in 1969, Meriten is the former asset management segment of German WestLB, fully owned by BNY Mellon since 2012. The Dusseldorf-based firm has €24.8bn of assets under management as at 31 December 2014.
Founded in 1978, Oddo AM has expertise in european equities, convertible bonds and cross assets management, targeting both institutional and retail investors. It currently manages €16bn in assets and has offices in Paris, Geneva, Frankfurt, Milan and Singapore.