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Money Management

Primonial to acquire rest of La Financiere de l’Echiquier

Primonial Group will increase its ownership in European money management firm La Financiere de l'Echiquier to 100%, a spokeswoman said.

Both firms are based in Paris.

Primonial, which owned 40% stake in the company did not disclose the value of the transaction, which is still subject to clearance from regulators Autorite des Marches Financiers and the Autorite de la Concurrence.

Expected to close in the summer of 2019, the deal is aimed at boosting Primonial's integrated distribution capabilities, the spokeswoman said.

"We have decided to accelerate the timetable for merging Primonial Group and LFDE, given the progress of our development plan and the first synergies developed between the two entities," said Stephane Vidal, Primonial CEO, in a news release. Primonial has €23.4 billion ($26.6 billion) in assets under management.

Christophe Mianne will remain CEO of LFDE, which has €10 billion in AUM.

Didier Le Menestrel and Christian Gueugnier, founders and majority shareholders of LFDE, said in a joint news release: "We are confident that LFDE, firmly anchored in Primonial Group, is in good hands to pursue its development strategy on a European scale."

Mr. Le Menestrel added in the release: "LFDE's management has all my confidence. The asset team, led by Olivier de Berranger, head of asset management, possesses the know-how to sustain and develop the conviction-based management model which has brought success to LFDE for 28 years."