French asset management group La Française has strengthened its presence in Germany with the purchase of multi-asset manager Veritas Investment and Veritas Institutional, respectively based in Frankfurt and Hamburg.
Financial details were not disclosed.
Veritas Group is an independent asset management boutique firm focused on securities and real estate and with over €7 bn in assets under management.
'The acquisition of both German companies is another logical step in our international development plans and underscores the strategic importance of the German market for La Française Group,' the company said in a statement. Upon closing of the deal, La Française will have €8 bn in assets under management and 48 professionals in Germany.
This acquisition will enable the French group to achieve its 2020 goals of lifting assets under management to over €70 bn, as well as of having over 25% of assets from international investors.
'This acquisition is the conclusion of an 18-month search for an appropriate local partner,' said Patrick Rivière, managing director of La Française Group. 'In our development strategy, Germany was identified early on as a priority and this acquisition strengthens our positioning as a local player covering both securities and real estate. Veritas is recognized for its Risk@Work method in Germany and its quantitative multi-asset investment management approach which complement well our asset management expertise.'