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Tuesday, February 10, 2015|
Chung Finds Alger a Strategic Partner
Dan Chung just found a strategic partner across the pond for Alger.
Today La Francaise managing director Patrick Riviere confirms that, pending regulatory approval, his shop is buying a 49.9-percent stake in Alger Management, Ltd., an affiliate of Fred Alger Management, Inc. Two La Francaise executives will join the five-member Alger board.
"Together, with Alger, we'll be developing new markets and building on its well-merited reputation among American retail and institutional investors as a high-standing and innovative asset manager," Riviere states.
"Establishing this relationship with La Francaise is another step we are taking to build our presence outside the U.S.," states Chung, Fred Alger's CEO and chief investment officer.
New York City-based Fred Alger managed $22.4 billion as of December 31. The firm was founded in 1964.
La Francaise, which is majority-owned by Credit Mutuel Nord Europe. More than 500 La Francaise employees -- spread across offices in Frankfurt, Hong Kong, London, Luxembourg, Madrid, Milan, and Paris -- worked with 48 billion euros in assets as of December 31.
The European asset manager uses "a multi-affiliate business model" and has four business lines: direct financing, investment solutions, real estate, and securities. It is nearly 40 years old.
Check back for more updates as this story develops.
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