Candriam, the Luxembourg-based asset manager with a strong focus on environmental, social and governance (ESG) issues, is taking over the €350m hedge fund business of Rothschild & Co Asset Management Europe.
The deal will include the alternative investment fund of funds business and a microfinance unit and will take Candriam’s hedge fund assets to €600m.
The transaction concerns open-ended funds domiciled in France and Luxembourg and dedicated institutional funds. Financial terms weren’t disclosed.
Under the agreement, Candriam will become the asset management company for the funds; Rothschild’s alternative multi-asset management teams will transfer to Candriam.
Candriam’s Deputy CIO Fabrice Cuchet said the move would enable Candriam “reinforce its value proposition”.
Candriam, the former Dexia Asset Management and now part of New York Life Insurance Company, is a fixture of the European ESG landscape, having been an early signatory to the P…