Oddo & Cie announces the acquisition of Banque d'Orsay. The property specialist asset management and private banking, had been on sale in 2008 by its parent, the German bank West LB.
The operation was suspended amid crisis, has recently been reactivated, especially as West LB must divest assets as part of restructuring plan.
With this acquisition, Oddo confirms the trend towards concentration is at work in the world of asset management. Oddo & Cie, a family group to 42% of its capital, will swell from 2.5 billion the volume of assets managed (17 billion at end 2009).
The financial crisis had caused a sharp drop in the amounts managed by the Banque d'Orsay, especially in its dynamic money activity.
Also shaken at the same time, Oddo, looping an external growth operation, puts the episode behind him.Last year, the group had posted a net profit of 36 million euros.