Candriam Investors Group agreed to acquire the alternative multiasset business of Rothschild & Co. Asset Management Europe, a spokeswoman said.
Terms of the deal were not disclosed. The transaction, which is set to complete by the end of this year, will see eight open-end funds, domiciled in France and Luxembourg with €350 million ($392.6 million) in assets management, transfer to Candriam.
The business, including its four employees, will be merged into Candriam's €250 million hedge fund business, the spokeswoman confirmed.
"We are proud to have been chosen by Rothschild & Co. Asset Management Europe to take over its alternative multiasset management business. This deal will enable Candriam to reinforce its value proposition and enter a new development phase in the alternative investment space, which should prove particularly appealing to investors in the current environment," Fabrice Cuchet, deputy CIO at Candriam, said in a news release Monday.
Pierre Baudard, partner at Rothschild & Co. Asset Management Europe, added in the release: "This agreement will enable our clients to continue to benefit from expertise and know-how to support their investments in this asset class over the long term."
Candriam has €130 billion in assets under management. Rothschild & Co. Asset Management Europe manages €21 billion.