C-Quadrat Investment, an Austrian asset manager, has acquired a 51% stake in French peer Advenis Investment Managers.

Established in 1997, Advenis focuses on managing innovative investment funds and real estate funds for institutional and private investors. The company employs more than 30 staff, including 16 portfolio managers.

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The remaining 49% stake in Advenis will be held by the company’s existing shareholders. The deal, first announced in December last year, is valued at €2.4m.

The acquisition will be mutually beneficial for both the parties. It will enable C-Quadrat to commercialise its own funds in France, apart from Advenis products.

On the other hand, the deal will enable Advenis to offer its European equity products in the Austrian asset manager’s core markets.

C-Quadrat management board member Carlos Mendez de Vigo said: “With this acquisition, we plan to push forward with the continuous growth of C-Quadrat’s core business while also diversifying at a regional level.

“We are delighted to have found in Advenis an experienced partner that is familiar with the French market and has an excellent track record.”

C-Quadrat, which is already located in London and Frankfurt, said that the acquisition confirms its presence on all prominent financial centres in Europe.