French groups Amundi, Eurazeo and La Maison have launched money manager acquisition platform IM Square, to promote international asset managers in the US.
The new platform will buy minority stakes in the capital of entrepreneurial asset management firms, which manage between $1bn and $15bn.
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The three firms have agreed to invest EUR40m in the new venture.
The new venture will invest a minimum of EUR250m over the next two to four years, and later incorporate a few more large shareholders and fund growth with a possible IPO.
IM Square founder Philippe Couvrecelle said: "This highly innovative project for the asset management industry combines financial and industrial partnerships while respecting individual companies’ mind-sets.
"The strength and diversity of our initial pool of shareholders will enable the platform to operate independently, to the benefit of our affiliates. The objective is to create a virtuous ecosystem bringing together entrepreneurial asset managers, international distributors, and investors."
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