MAPFRE Group, a Spanish insurance and money management firm, acquired a 25% stake in French investment boutique La Financiere Responsable.
The firms said in a joint news release that they had entered into a strategic partnership, bringing together La Financiere Responsable's proprietary tools and its socially responsible investment and environmental, social and governance management, with MAPFRE's long-term commitment to corporate social responsibility.
La Financiere Responsable analyzes more than 120 ESG indicators across 160 eurozone companies, using information provided directly by the firms. It manages four strategies, including equities. LFR has about €147 million ($170.6 million) in assets under management.
Terms of the deal were not disclosed.
"The new relationship offers MAPFRE Group and our asset management company, MAPFRE AM, a real opportunity to play a part in the (corporate social responsibility) debate," said Jose Luis Jimenez, CEO at MAPFRE, in the news release. "The unique LFR approach, its ESG data integration methodology, its innovative tools, and the quality and consistency of its investment process is a great example of how innovative boutique asset managers can lead the asset management industry in rapidly expanding areas such as ESG-driven investment."
MAPFRE has about €60 billion in assets under management, with a focus on sovereign and corporate fixed income, and global equities.
A spokesman for MAPFRE could not be reached for comment.