German financial regulator BaFin has approved the acquisition of Meriten Investment Management by French asset manager Oddo & Cie, creating an asset manager that will manage assets worth EUR45bn.
The newly created asset manager Oddo Meriten Asset Management will have 55% of its clients in Germany, 37% in France and 9% in other markets of which 76% are institutional investors and 24% are third party distributors.
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The new group will provide investment capabilities across all main asset classes including EUR17bn of assets are in fixed income, EUR8bn in equities, EUR9bn in asset allocation, EUR2bn in convertibles, EUR6bn in systematic strategies, and EUR3bn in other.
Oddo Meriten Asset Management will provide its German institutional clients access to convertible bonds and fundamental European Equities, while French and international institutional clients will be offered access to corporate investment grade and high yield, euro aggregate capabilities and quantitative strategies.
In addition, German wholesale and IFA clients will be given access to a targeted mutual fund range, focused on asset allocation and European stock picking.
The Franco-German asset manger employs 276 staff with two key investment centers in Paris and Düsseldorf and distribution offices in Milan, Geneva and Singapore.
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By GlobalDataThe two legal entities in France and Germany will be led as by Nicolas Chaput and Werner Taiber respectively. Chaput will become global CEO and co-CIO of Oddo Meriten Asset Management while Werner Taiber, based in Düsseldorf, becomes global deputy CEO in charge of sales development.
Oddo Group managing partner Philippe Oddo said: "We are pleased to welcome our Düsseldorf colleagues. 25% of our revenues and teams are from now in Germany. Oddo’s partnership will be opened to Meriten’s talents."
Taiber said: "The merger of Oddo Asset Management and Meriten Investment Management ensures the consistency in our investment approach as well as the continuity with our clients in Germany and abroad. In addition it supports our ambition to further grow the business with existing and new clients."
