The Belgian private bank buys the shares of the founders of Entheca Finance and of the family holding company Dentressangle. She confirms her interest in France.
The consolidation movement continues in asset management in France. A few days after the announcement of the merger between Amplegest and Octo AM and shortly after the takeover of Convictions AM by Sanso IS, it was Entheca Finance’s turn to pass into the fold of Degroof Petercam. The Belgian private bank will in fact take over 100% of the capital of this independent management company founded in 2007 by Christophe Brulé. In particular, it will take over the 37% stake in the family holding company Dentressangle. “France is one of the priority markets, always with the objective of combining wealth management and investment banking, with a marked interest for entrepreneurs and large private clients. This acquisition of Entheca Finance therefore fits perfectly with this desire to develop wealth management in France ”, explains Philippe Masset, chairman of the bank’s management committee.
> “The consolidation of asset management remains a fundamental trend”> Assets under management in France reached a record level at the end of 2017
The operation adds 250 million euros of assets under management, which allows the bank “To reach around 1.7 billion euros in France, and the story is far from over”, because Degroof Petercam has an appetite after this “First clear and marked external growth operation which constitutes an important step”.
Asset management is “A profession where the critical size is important and this size continues to increase, even for a specialized player like us. We want to have a significant position and a satisfactory size for our customers. Having an amount of assets under management that is double what we have today seems to me a minimum, but we do not want to do external growth in order to do external growth. The target profile must correspond to our strategy and with Entheca, this is the case ”, concludes Philippe Masset.
Degroof Petercam will take over the 8 employees of Entheca and aims to strengthen its workforce in Paris, Lyon and Lille, “Large economic and financial basins where we are already present and which are important for our development”.
For Christophe Brulé, who will become Deputy Managing Director of Banque Degroof Petercam France and will be in charge of asset management for the private bank, it is both a page that has been turned and a form of homecoming for him. who worked for many years at Paribas, IXIS PCM or 1818. “My goal is to offer a clientele of entrepreneurs or senior executives more varied investment solutions. The backing with Bank Degroof Petercam aims to diversify our offer and to support our clients with a broader expertise (credit, financial and tax engineering, etc.). In addition, in a context of low interest rates, investors are looking for less traditional solutions and a private bank can offer broader solutions, such as ‘private equity’ for example, which we were not doing. “
The affiliation with Degroof Petercam quickly appeared natural to him: “It was important for us to join a bank on a human scale with 1,300 employees and with a good international presence. It is a bank with a family and entrepreneurial spirit that matches our DNA and that of our clients. Their culture of private banking and long-term asset manager corresponds well to the aspirations of our client families. “
Among its clients, the investment holding company Dentressangle will sell its shares and underlined its satisfaction for Entheca finance “Which strengthens its growth prospects, for the benefit of its customers”.