LFDE announces merger with Tocqueville Finance: birth of a European leader in conviction management
La Financière de l’Échiquier (LFDE) announces its merger [1]with Tocqueville Finance, LBP AM’s equity management subsidiary. This transaction follows on from LBP AM’s acquisition of LFDE in July 2023 and marks the creation of a European leader in conviction management.
New dimension
With EUR 27 billion in assets under management and one of the largest management teams in the Paris financial market (55 managers and analysts), LFDE has become a leading conviction manager, particularly in European equities, combining financial and non-financial performance over the long term.
To support this new dimension, LFDE is changing its governance: Michel Saugné, CIO and Deputy CEO of Tocqueville Finance, will become co-CIO of LFDE, alongside Olivier de Berranger, and will join the Executive Committee.
This transaction adds additional expertise to LFDE’s range of equity and credit products. LFDE now offers a full range of expertise in terms of styles, themes and geographic regions, under two brands.
New goals
On 2 April 2024, the day after the merger, LFDE launched Echiquier Japan[2] in order to meet the needs of clients and the market environment. At a time when the Japanese equity market is recovering strongly, this strategy, managed by Kevin Net, focuses on the economic and energy transition, as well as regional development. The creation of this new fund reflects the broadening of LFDE’s expertise, particularly in Asia, and its strong forward momentum.
The “New LFDE” intends to step up distribution to its traditional client segments – institutional, wholesale and IFAs – both in France and Europe. This development goal, led by Vincent Cornet, Deputy CEO of LFDE, naturally extends to Echiquier Gestion Privée.
To this end, LFDE will offer all its clients a wide range of strategies and styles in the field of conviction management and, with access to LBP AM’s expertise, dedicated solutions for listed assets (smart beta equities, multi-asset, credit and convertible bonds) and real and private assets (debt – infrastructure, corporate and real estate – and private equity).
In addition, in line with its pioneering commitment to sustainable finance, and in order to offer tailor-made ESG approaches, LFDE can now draw on complementary methodological expertise, and on the power of tools developed by LBP AM.
According to Olivier de Berranger, Chief Executive Officer and co-CIO of LFDE: “We’re delighted to be writing a new chapter in LFDE’s history with the help of experienced management teams with complementary expertise and substantial resources. Tocqueville Finance’s upward trajectory in recent years reflects its dynamism and will be a key asset in the development of the “New LFDE”.”
Michel Saugné, co-CIO of LFDE and member of the Executive Committee, adds “I’m delighted to help build a European leader in conviction management. I’ll take up this significant challenge alongside Olivier de Berranger, Vincent Cornet and a particularly dedicated Executive Committee. This new chapter will enable us to conquer additional market share and drive the new group formed by LFDE and Tocqueville Finance even further.”
Vincent Cornet, Deputy CEO of LFDE in charge of development, adds: “The ‘New LFDE’ has all the assets – management, teams, product range – needed to overcome the changes in our industry and rapidly establish itself as an industry champion. Our development strategy will enable us to further strengthen our position in France while replicating this success internationally. To achieve this goal, I know I can count on the commitment of our expert, motivated teams.”
According to Emmanuelle Mourey, Chair of LBP AM’s Executive Board and of LFDE’s Board of Directors: “By merging Tocqueville Finance into LFDE, LBP AM is achieving its goal of creating a key player in conviction-based asset management. The new group has everything it needs to accelerate its development and chart a course of international success. With LBP AM, LFDE’s teams have a powerful shareholder determined to support them in their development and their freedom to innovate.”