Multi-class asset manager La Française has signed a strategic partnership – pending regulatory approval – with Alger Management (Alger).
La Française will take a 49.9% interest in Alger, an affiliate of Fred Alger Management, a US asset management firm. Two executives of La Française will sit on the newly appointed five member Board of Alger.
This alliance offers a unique opportunity to create synergies in distribution, market development, and product diversification. La Française, through its European network and with the support of its majority shareholder, Credit Mutuel Nord Europe, will provide distribution capabilities and acceleration capital, and Fred Alger Management, Inc. will contribute its recognised expertise in growth equities.
For more than 50 years Fred Alger Management, Inc. has been considered a globally recognised pioneer of growth style investment management, focusing primarily on US equities with additional capabilities in international and alternative equities. It has a long-standing track record and has been recognised numerous times in Europe as a Lipper Funds Awards winner. Fred Alger Management, Inc. manages approximately USD22.4 billion (31/12/2014). Its investment philosophy, in place since its founding in 1964, seeks to identify the best investment opportunities for clients by focusing on companies undergoing “Positive Dynamic Change.” This philosophy, and its analyst-driven investment process, is built on original, fundamental, bottom-up research provided by a more than 40 person investment team.
Patrick Rivière, Managing Director of La Française, says: “We pride ourselves in bringing institutional quality investment solutions within everyone’s reach. Together, with Alger, we’ll be developing new markets and building on its well-merited reputation among American retail and institutional investors as a high-standing and innovative asset manager. These past three years of intensive international development have led to this ultimate partnership, completing our now established equities expertise.”
“Establishing this relationship with La Française is another step we are taking to build our presence outside the US,” says Dan Chung, CEO and Chief Investment Officer of Fred Alger Management. “La Française is one of the leading asset managers in Europe, and I am quite pleased that Alger will be working together with La Française to provide expertise in US equities as we build this partnership.”
