Birth of a leading European multi-specialist in conviction-based management: LBP AM completes the acquisition of La Financière de l'Échiquier

La Banque Postale announced today that it has completed the acquisition by LBP AM of La Financière de l'Échiquier (LFDE), one of France's leading entrepreneurial asset management companies. LBP AM now owns 100% of LFDE. The transaction, which has been approved by the French financial markets Authority (Autorité des Marchés Financiers) and competition Authority (Autorité de la Concurrence), creates a key player in conviction-based asset management in France and Europe.

July 04, 2023 Reading time: 2 min

An ambitious growth strategy

With total assets under management of €67 billion as at the end of 2022 and three recognised brands - LBP AM, Tocqueville Finance and LFDE -, the newly formed group will be a leader in conviction-based asset management and sustainable finance in Europe.

The offering has been considerably enhanced by the complementary nature of our strategies, providing all types of clients with an extensive range of open-ended products and dedicated solutions, both on listed assets (equities, multi-assets, absolute return fixed income) and unlisted assets (infrastructure, corporate and real estate debt and private equity).

The new group stands out with its key expertise in sustainable finance, based on complementary methodological tools and approaches. The offering thereby includes a broad panel of SRI and impact-based products, providing tailor-made solutions to clients' specific ESG needs.

Proposed merger between Tocqueville Finance and LFDE in 2024

The many synergies identified between Tocqueville Finance and LFDE are powerful growth drivers leading us to envisage the merger of Tocqueville Finance and LFDE, within LFDE, in early 2024.

The merger will give rise to a leading conviction-based asset manager, focusing on high value-added equity strategies, and on all market segments, with around 50 fund managers and analysts under the management of the respective CIOs of LFDE and Tocqueville Finance. This team will be one of the largest on the Paris stock market.

The acquisition of La Financière de l'Echiquier consolidates, around LBP AM, our asset management platform, the core business of our group, to accelerate its growth in France and abroad. After the 100% acquisition of CNP Assurances in June 2022, this new transaction demonstrates the transformation and acceleration of the diversification of La Banque Postale group, one of the new leaders in bancassurance in Europe.

Philippe Heim — Chairman of the Executive Board of La Banque Postale