FRANCE – Invesco has entered into a strategic partnership to provide investment management and consultancy services to Multifonds, the asset management arm of French banking group, Crédit Mutuel Nord (CMN).
Under terms of the deal, Invesco, through its subsidiary Invesco France, will take a 7.5% shareholding in Multifonds. It will provide advice on assets worth €700m, invested across a broad spectrum of asset classes including fixed income, equities and diversified multi-manager products. In addition, Invesco will give Multifonds marketing support.
“The range of consultancy services Invesco will provide specifically includes advice on asset allocation, geographic areas that offer the best investment opportunities, investment styles and portfolio modelling. We also expect to manage some of Multifonds’ assets through our fund-of-funds network,” says Jean-Baptiste de Franssu, chief executive officer of Invesco Europe.
For its part, Invesco will consolidate its presence in the French market, particular in Northern France, where CMN’s branch network of 225 branches is concentrated. “This agreement is obviously retail in nature, but that’s not to say that we won’t be introducing an institutional element later on,” de Franssu says.
Multifonds is one of two asset management business units at CMN, which have some €4bn under management between them. The other unit is Alteram, an alternative asset management specialist