Sarasin buys French fund manager

SWITZERLAND/FRANCE – Swiss private bank Bank Sarasin is expanding its fund activities in France with the acquisition of Paris-based asset management company Expertise Asset Management.

Sarasin has acquired all shares of Expertise, which was established in 1997. The French asset manager is headed by its founders, Herve de Lattre and Isabelle de Lattre, and has a staff of ten. It specialises in investment funds for institutional clients, and manages assets totalling 150 million euros.

The new subsidiary will be used to “expand Sarasin’s fund activities in France, and in due course, Sarasin aims to build up private banking business among wealthy private clients resident in France”.

Expertise’s asset management team will work closely with Sarasin’s employees in Basel specialising in sustainable investment to provide respective products to the French market. In addition, the bank will work with external financial advisors to offer its range of French and Luxembourg funds.

The financial details of the deal were not disclosed.

Sarasin joins a number of foreign groups, which are expanding their presence in the French market through acquisitions. The foreign-owned share of the French fund market has increased from 5% to 15% since the mid-90s. According to a recent report by FERI Fund Market Information, groups are becoming more aware that they have to change from cross-border strategies to domestic strategies.