French asset manager La Française has agreed to buy Frankfurt-based Veritas Investment and Hamburg-based Veritas Institutional.

Through the takeover of Veritas, which has been operating in Germany since 1991 and manages over €7bn in assets, La Française will gain two new asset management centres in Hamburg and Frankfurt covering securities and real estate.

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The French business will now have 48 professionals in Germany, overseeing €8bn in assets.

The deal, whose financial terms were not disclosed, is pending regulatory approval.

La Française said that the takeover will adhere to its 2020 Medium Term Plan objectives of boosting assets to more than € 70bn and enabling over 25% of assets to come from international investors.

La Française Group managing director Patrick Rivière said: “This acquisition is the conclusion of an eighteen month search for an appropriate local partner. In our development strategy, Germany was identified early on as a priority and this acquisition strengthens our positioning as a local player covering both securities and real estate.

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“Veritas is recognised for its Risk@Work method in Germany and its quantitative multi-asset investment management approach which complement well our asset management expertise.”

Veritas Investment and Veritas Institutional managing director Dirk Rogowski added: “In La Française Group, we have found the ideal partner with whom we can grow together in our local market and internationally, and that values our investment expertise and profound market knowledge.”