Birth of a leading European multi-specialist in 
conviction-based management: LBP AM completes 
the acquisition of La Financière de l'Échiquier

La Banque Postale announced today that it has completed the acquisition by LBP AM of La Financière de l'Échiquier (LFDE), one of France's leading entrepreneurial asset management companies. LBP AM now owns 100% of LFDE. The transaction, which has been approved by the French financial markets Authority (Autorité des Marchés Financiers) and competition Authority (Autorité de la Concurrence), creates a key player in conviction-based asset management in France and Europe. 
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An ambitious growth strategy 

With total assets under management of €67 billion as at the end of 2022 and three recognised brands - LBP AM, Tocqueville Finance and LFDE -, the newly formed group will be a leader in conviction-based asset management and sustainable finance in Europe. 

The offering has been considerably enhanced by the complementary nature of our strategies, providing all types of clients with an extensive range of open-ended products and dedicated solutions, both on listed assets (equities, multi-assets, absolute return fixed income) and unlisted assets (infrastructure, corporate and real estate debt and private equity).

The new group stands out with its key expertise in sustainable finance, based on complementary methodological tools and approaches. The offering thereby includes a broad panel of SRI and impact-based products, providing tailor-made solutions to clients' specific ESG needs.

The aim of this bold project is to accelerate distribution to institutional, wholesale and private clients and IFAs. This development strategy will build on the distribution channels of the three entities in France and on the reach that LFDE has established in Europe - Germany, Austria, Belgium, Luxembourg, Switzerland, Italy, Spain and Portugal.
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Thanks to the support of La Banque Postale and Aegon Asset Management, LBP AM’s shareholders, this major project benefits from lasting commitment and resources which will allow us to meet the challenges of the asset management industry and ensure robust long-term growth.
 

Proposed merger between Tocqueville Finance and LFDE in 2024

The many synergies identified between Tocqueville Finance and LFDE are powerful growth drivers leading us to envisage the merger of Tocqueville Finance and LFDE, within LFDE, in early 2024. 

The merger* will give rise to a leading conviction-based asset manager, focusing on high value-added equity strategies, and on all market segments, with around 50 fund managers and analysts under the management of the respective CIOs of LFDE and Tocqueville Finance. This team will be one of the largest on the Paris stock market. 

The aim is also to intensify the momentum of Echiquier Gestion Privée, LFDE's historic business line. 

While benefiting from a common DNA – innovation, agility, commitment to sustainable finance – the “new LFDE” will be able to capitalise on the distinctive strengths of each of the entities and offer its clients a range of strategies and styles of rare depth in the field of conviction-based asset management.
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Philippe Heim, Chairman of the Management Board of La Banque Postale, says: “The acquisition of La Financière de l'Echiquier consolidates, around LBP AM, our asset management platform, the core business of our group, to accelerate its growth in France and abroad. After the 100% acquisition of CNP Assurances in June 2022, this new transaction demonstrates the transformation and acceleration of the diversification of La Banque Postale group, one of the new leaders in bancassurance in Europe. The combined strengths of LBP AM, Tocqueville Finance and LFDE, thanks to the teams’ complementary business and geographical expertise, will give rise to a leader in conviction-based asset management and sustainable finance in Europe." 

Emmanuelle Mourey, Chairman of the Management Board of LBP AM, explains: “This acquisition meets the strategic objective of LBP AM to accelerate its growth in France and Europe, by providing conviction-based management across the spectrum of listed and unlisted assets and by retaining its lead in terms of sustainable finance. LFDE's entrepreneurial approach, which underpins its identity as a client-facing asset management boutique, will complement the strong commercial momentum demonstrated by LBP AM and Tocqueville Finance over the past years.”

Stéphane Vidal, Chairman of Groupe Primonial, states: “A new page is opening for La Financière de l’Échiquier, which after five years of fruitful collaboration within Groupe Primonial, is joining La Banque Postale group. Primonial will remain linked to LFDE through its current commercial partnerships. I’m delighted to see this fine company continue its journey within an industrial ecosystem that is even more conducive to its development. We are all extremely proud of the road we have travelled together, and the employees of Groupe Primonial join me in thanking the management and teams of LFDE and wish them all the best for the future.”

Bettina Ducat, CEO of LFDE, declares: “This transformation of LFDE marks a change of dimension. Concentrated, our company's conviction-based asset management will benefit from additional strengths to nurture its entrepreneurial spirit. This large-scale project, which is now taking shape with LBP AM and its shareholders, will also enable us to consolidate our ESG expertise. This union of expertise with Tocqueville Finance creates a European champion fully capable of meeting the challenges of an asset management industry with strong growth potential, particularly in sustainable finance.” 

La Banque Postale and LBP AM were advised in this transaction by Clifford Chance, Centerview Partners, The Boston Consulting Group and Caurus Partners.

* Subject to approval by the Autorité des marchés financiers.