FRANCE/US - Crédit Agricole is to sell its US alternative asset subsidiary LibertyView Capital Management to Neuberger Berman in a bid to focus its efforts on the European securities market.
Around US$1bn assets under management will be transferred to Neuberger Berman, also a US-based asset manager.
The deal is expected to close by year-end. Terms remained undisclosed.
Crédit Agricole said that it intends to remain a direct investor in funds managed by LibertyView, which serves mainly institutional clients worldwide.
Richard Meckler, currently president and chief investment officer of LibertyView, will become president of the LibertyView Capital Management division of Neuberger Berman and managing director of alternative investments at the firm. LibertyView’s key executives in trading, legal, and marketing, as well as professionals in risk control, operations and systems, will all join Neuberger.
Robert Matza, Neuberger’s executive vice president and chief operating officer, said: “We see their expertise in alternative investments as a complement to Neuberger Berman's core strength in equities and fixed-income investment management. After the sale of LibertyView, Crédit Agricole will focus its European alternative asset management activity through its Paris-based subsidiary CPR A2M, which will be renamed EQUALT Alternative Asset Management. The firm has about E650m institutional assets under management
Neuberger Berman has US$53.6bn in assets under management and engages in private-, wealth- and institutional management services.
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