© UBER IMAGES - Fotolia.com
Acquisitions, Contracts and Deals
The acquisition is Investcorp’s fourth real estate investment in Germany in the last 12 months and brings Investcorp’s total European real estate assets under management (AUM) to over €500 million.
French asset management group La Française is buying Frankfurt-based multi-asset manager Veritas Investment and Hamburg-based Veritas Institutional.
Through the takeover of Veritas, which has been operating in Germany since 1991 and manages over €7bn in assets, La Française will gain two new asset management centres in Hamburg and Frankfurt covering securities and real estate. As an asset management boutique Veritas concentrates exclusively on portfolio and risk management for institutional and private investors. The French business will now have 48 professionals in Germany – in Frankfurt and Hamburg - overseeing €8bn in assets.
The deal, whose financial terms were not disclosed, is pending regulatory approval.
La Française said that the takeover will adhere to its 2020 Medium Term Plan objectives of boosting assets to more than €70bn and enabling over 25% of assets to come from international investors.
Group managing director Patrick Rivière said: “This acquisition is the conclusion of an eighteen-month search for an appropriate local partner. In our development strategy, Germany was identified early on as a priority and this acquisition strengthens our positioning as a local player covering both securities and real estate.
“Veritas is recognised for its Risk@Work method in Germany and its quantitative multi-asset investment management approach which complement well our asset management expertise.”
The Paris-headquartered La Francaise operates a multi-expertise business model, covering four key areas: securities, real estate, investment solutions and direct financing. It has 596 staff, and offices around the world. It is 99% owned by bancassurance group Credit Mutuel Nord Europe (CMNE).
