3 Dec 2010
Oddo & Cie has entered into exclusive negotiations to acquire Banque Robeco, Groupe Robeco's private banking arm.
For Oddo & Cie, this operation is part of a growth strategy for Oddo’s private banking and back-office activities of life-insurance products, in which each and every employee of Banque Robeco will be able to find his or her place and contribute fully to driving the new entity forward.
Banque Robeco's current €1.3 billion in assets under management will be combined with Oddo Banque Privée's €3.7 billion (including Oddo Asset Management, the group manages over €21 billion in assets).
With an original advisory mandate offering, in addition to internet services, such as identifying clients' investor profile on the internet, Banque Robeco provides areas of expertise which will extend and complement Oddo Banque Privée’s offer.
This transaction is expected to be completed in Q2 2011 and is subject to approval from regulatory authorities.
"The effectiveness of our asset management and the satisfaction with our services expressed by our clients in a recent survey have encouraged us to develop further in the private banking domain, the group's traditional core business. The momentum of Banque Robeco's teams and the complementary offer they bring are highly promising in terms of our joint ambitions," stated Philippe Oddo, Managing Partner of Oddo & Cie.
Roderick Munsters, CEO of Groupe Robeco, declared: "We have chosen to refocus our activities on asset management and we are delighted that the private banking arm will continue to develop in France thanks to the experience and prominence of a group such as Oddo & Cie. Groupe Robeco continues to consider France as a strategic market for its global and local asset management activities and the marketing of these services to institutional investors and large corporate groups."
Michel Maillard, chairman of Banque Robeco's board of directors, added: "The tie-up with Oddo & Cie will provide clients with access to a broader offering of products and services and represents an attractive development opportunity for the company and its teams."
For Oddo & Cie, this operation is part of a growth strategy for Oddo’s private banking and back-office activities of life-insurance products, in which each and every employee of Banque Robeco will be able to find his or her place and contribute fully to driving the new entity forward.
Banque Robeco's current €1.3 billion in assets under management will be combined with Oddo Banque Privée's €3.7 billion (including Oddo Asset Management, the group manages over €21 billion in assets).
With an original advisory mandate offering, in addition to internet services, such as identifying clients' investor profile on the internet, Banque Robeco provides areas of expertise which will extend and complement Oddo Banque Privée’s offer.
This transaction is expected to be completed in Q2 2011 and is subject to approval from regulatory authorities.
