SEI Investments has acquired HSBC CCF Asset Management Group's 50 per cent share in their French joint venture, CCF-SEI Investments. Financial terms were not disclosed.
In making the acquisition, SEI claims to be the first international multi-manager to establish an independent local investment company in France.
The new company, based in Paris, will be called SEI Investments (France) and will retain all key staff involved in the CCF-SEI joint venture. Patrick Serre, previously chief executive officer of CCF-SEI, will continue as managing director of SEI Investments (France). He will work closely with London-based Alejandro Kerschen, newly appointed managing director of European partnerships, to develop the distribution business in Europe.
SEI Investments (France) will provide manager-of-managers investment solutions to French institutional clients and will partner with local financial services companies to provide investment solutions to the retail and high-net-worth markets.
SEI and CCF will continue to work together through a distribution agreement. SEI will also continue to manage the Elysees Multi-Managers Funds, a range of risk-profiled funds for CCF's retail distribution network launched in September 2001.
Joe Ujobai, managing director, SEI Investments in Europe, says: "Given the increasing demand for multi-management in Europe and our success to date...we have taken the decision to develop an independent presence on the continent, commencing with a wholly owned office in France."