Banque Arjil et Cie of Paris will sell its entire stake of ABF Capital Management to the asset management firm's founding partners and Credit Lyonnais Asset Management, both of Paris, the companies announced.
Banque Arjil et Cie, which has controlled ABF since 1995, sold its shares as part of an effort to refocus on investment banking, according to the announcement. Credit Lyonnais, which has a total of $127.56 billion under management, will become the majority shareholder.
ABF, established in 1988 with the name Finidice, the first quantitative fund management company in France, has 40 employees in three divisions - research and fund management, marketing, and administration. It currently has $2.15 billion under management, according to the announcement.
"In view of our growth objectives, the fast globalization of markets and the intense competition, it is now essential that ABF should have the backing of a major player in the area of asset management, such as Credit Lyonnais Asset Management," said Xavier de Bayser, chairman and CEO of ABF.