FRANCE- Multimanager SEI Investments has retained the senior management of the Paris-based joint venture CCF-SEI Investments that it bought Crédit Commercial de France out of last month.
Under the new structure, the management of the old joint venture has been reshuffled. Jean-Yves Foucat, who joined the joint venture in April 2000 as a head of research, will be responsible for asset management.
Frédéric de Lestrange joined CCF-SEI Investments in November 2000 as director of institutional business and will stay on and take responsibility for institutional sales. Jean-Louis Azoulay joined the executive committee last October as chief strategist but will now take on responsibility for high net worth clients and distribution.
Last month SEI announced that Patrick Serre, CEO of the old joint venture, would continue as managing director of the new company. Serre will run the Paris operation and work closely with Alejandro Kerschen, who transferred from New York to London earlier this year to build third party distribution in Europe.
Following the May purchase of CCF’s 50% share, Joe Ujobai, managing director of SEI in Europe, said an increasing interest in multi management in Europe had convinced them to launch an independent venture on the continent.
SEI maintains a distribution network with CCF and runs a series of risk profiled funds for CCF’s retail distribution network. Elsewhere in Europe it has partnerships in Italy with Mediolanum and Bipiemme, Banca Popolare di Milano’s investment management operation.