is going global, in terms of distribution.
Last month Dan Chung
, CEO and chief investment officer of Alger
a deal where La Francaise
will buy a 49.9-percent stake in Alger's international distribution arm, Alger Management Limited.
"It's exciting. We have a well-developed retail and institutional distribution arm here in the U.S.," Jim Tambone
, executive vice president and chief distribution officer at Alger, tells MFWire
. "I wouldn't say that it's as well-developed overseas ... This instantly takes us up 20 times in terms of scale from where we were."
Alger offers three SICAV products (usually marketed under the EU's UCITS regulations) in Asia, Europa, and South America. Tambone says the deal with La Francaise gives Alger "access to a superior distribution network" outside the U.S.
"They don't have an arrangement with any other U.S. equity manager currently," Tambone says.
La Francaise has more than 500 employees and offices in Frankfurt, Hong Kong, London, Luxembourg, Madrid, Milan, and Paris. As of December 31, it worked with 48 billion euros (about $52 billion). It is majority-owned by Credit Mutuel Nord Europe.
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