Wendel to spend €2bn in next two years. Credit micheile henderson on Unsplash.

French investment company Wendel has unveiled plans to establish an asset management unit with third-party money to improve its profitability.

This is the first strategic decision by the company’s CEO Laurent Mignon, who recently assumed the charge of the investment firm that primarily focusses on private equity investments.

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The proposed venture will leverage the family-controlled group’s investment platform and plans to hire new people.

“This development will take place over time, but we won’t refrain from acquiring skills, teams or even structures, if necessary, to speed it up,” Reuters quoted Mignon as saying.

However, Mignon refused to give further details regarding the size of the asset management unit, either in terms of the number of people or the total assets under control.

“It will be another source of value creation alongside our activity as a long-term investor. Our objective is to target a double-digit TSR,” Mignon added.

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Over the next two years, the French investment company plans to spend €2bn in assets, according to Reuter’s report.

The firm announced the decision to set up asset management unit along with its full-year result for the year 2022.

The company’s consolidated net sales for 2022 totalled €8.7bn, an increase of 10.7% organically year-to-date.

However, Wendel’s net income plummeted 26% to €1.02bn from €1.37bn a year ago. The company said it will propose an ordinary dividend of €3.2 per share for 2022, up 6.7%, at its annual shareholders’ meeting to be held on 15 June 2023.