C-QUADRAT Investment, an Austrian asset management firm, has agreed to acquire a 51% stake in France’s Advenis Investment Managers for €2.4m.

Advenis offers equity and fixed income funds, multi asset class funds as well as fund of funds, and currently oversees approximately €228m in assets.

The deal is expected to be wrapped up in the first quarter of 2018, subject to regulatory approval. C-QUADRAT will fund the transaction through equity and external funds.

“This acquisition represents the advancement of the continuous growth strategy in the asset management core business and enhances further regional diversification through entry into the French market, which is worth around EUR 3.5 trillion,” C-QUADRAT said in a statement.