Paris-based money manager La Francaise took a 49.9% interest in Alger Management Ltd., the London-based subsidiary of Fred Alger Management, said Alger spokeswoman Olivia Offner.
Financial terms of the partnership were not disclosed. The deal is expected to close in mid-April.
La Francaise will provide the U.K. subsidiary with distribution capabilities and acceleration capital throughout Europe and, in turn, Alger will provide La Francaise with its expertise in growth equities strategies.
“Establishing this relationship with La Francaise is another step we are taking to build our presence outside the U.S.,” said Dan Chung, CEO and chief investment officer of Fred Alger Management, in a news release.
As a result of the partnership, two La Francaise executives, Pascale Auclair and Philippe Lecomte, will sit on the five-member Alger Management board.
La Francaise manages €48 billion ($54.3 billion) in assets. Fred Alger Management manages more than $22.4 billion.
