Rothschild & Co Asset Management Europe has agreed to transfer its alternative multi-asset management business to Candriam, which will take on France and Luxembourg-domiciled institutional funds with a total of €350m of assets under management.
Subject to regulatory approval, the partnership agreement will see Rothschild's alternative investment funds-of-funds and a microfinance fund transferred to Candriam to manage.
Candriam has been offering alternative multi-asset products to institutional investors for more than 20 years.
Fabrice Cuchet, deputy CIO at Candriam, said: "We are proud to have been chosen by Rothschild & Co Asset Management Europe to take over its alternative multi-asset management business. This deal will enable Candriam to reinforce its value proposition and enter a new development phase in the alternative investment space, which should prove particularly appealing to investors in the current environment."
Rothschild & Co Asset Management Europe Managing Partner Pierre Baudard said: "We are pleased to be partnering with a leading player in alternative multi-management. This agreement will enable our clients to continue to benefit from expertise and know-how to support their investments in this asset class over the long term