La Francaise acquires Germany-based Veritas Group

Sofia Karadima
11 September 2018

Tweet
Facebook
LinkedIn
Google plus
Send to

French asset management firm La Francaise Group has announced the acquisition of Veritas Investment and Veritas Institutional, subject to approval of the relevant supervisory authorities and other transaction-related conditions.

The deal forms part of La Francaise's strategy to strengthen its presence in Germany, and to expand its distribution platform.

"This acquisition is the conclusion of an 18-month search for an appropriate local partner," said Patrick Rivière, managing director of La Francaise. "In our development strategy, Germany was identified early on as a priority, and this acquisition strengthens our position as a local player covering both securities and real estate."

The Paris-based firm has now access to two more asset management centres in Hamburg and Frankfurt, following the acquisition of Veritas.

Veritas Group, a €7bn asset manager, broke into the German market in 1991 with Veritas Investment, which focuses on wealth management and equity funds. Veritas Institutional was established in 2008 in Hamburg, and provides portfolio management and risk management strategies for institutional investors.

Due to the acquisition, La Francaise also meets two of its 2020 medium-term objectives, such as having more than €70bn in assets under management, from which 25% comes from international investors.