- La Française will acquire a 40 per cent stake in TAGES Capital and delegate the management of its range of funds of hedge funds and UCITS funds to TAGES Capital
- Pascale Auclair, CEO of La Française, and two executives will be appointed to the management committee of TAGES
- La Française will be the distributor of La Française and TAGES alternative multi-manager funds in France
- With combined assets of $3 billion, the two groups will collaborate on international development opportunities
La Française, a leading European asset manager, and TAGES Capital, an alternative multi-management solutions provider part of the TAGES Group, have announced the signing of a strategic partnership. Under the terms of the partnership, La Française will acquire a 40 per cent stake in TAGES Capital and delegate the management of its existing range of funds of hedge funds and UCITS funds with approximately $1 billion of AUM to TAGES Capital. Pascale Auclair, Chief Executive Officer of La Française des Placements, and two other La Française executives will be appointed to the management committee of TAGES Capital. The transaction is subject to the customary regulatory approval processes.
As part of the agreement, two La Française fund managers will join the investment team of TAGES Capital in London, the hub of alternative fund management. The enlarged team will manage the existing La Française fund of hedge funds product range and ensure the continuity of services for existing French investors. La Française will be the exclusive distributor of La Française and TAGES alternative multi-manager funds in France. Outside of France, the two groups will collaborate on international development opportunities.
TAGES’ unique business model, focused on the delivery of customized solutions to clients, extensive research and robust manager selection has driven significant asset growth. As of December 31, 2013, TAGES Capital had approximately $2bn of assets under management and advisory.
Xavier Lépine, founder of Alteram and Chairman of La Française said: “At La Française, we aim for excellence. This partnership means that La Française will be a benchmark shareholder in a top-tier player in the alternative asset management space in Europe. As founder, some ten years ago, of Alteram, a leading fund of hedge funds manager, I’ve always believed in the value of alternative multi-management, but to achieve excellence, you need the appropriate vehicles, substantial resources and impressive track-records. Together with TAGES, La Française will have all of the above!”
Salvatore Cordaro, founder and Chief Investment Officer of TAGES, said: “We share La Française’s enthusiasm for this alliance, which strengthens our competitive position in Europe. We are excited that such an important asset manager has decided to become our partner and we are confident that La Française’s expertise will make a tangible contribution to our business. TAGES Capital’s unique approach to multi-management investing, through our focus on providing investment solutions rather than products, helped us reach important milestones and grow the business in a challenging market environment.”
This unique partnership aligns the interests of both shareholders (La Française & TAGES) and investors. With combined assets under management and advisory in excess of $3 billion, La Française and TAGES will be well placed to further grow the multi-manager business.