Italian investment group Grupo Banca Leonardo has acquired a 34% stake in Paris-based fund manager DNCA Finance in order to strengthen its presence in asset management. Financial details were not disclosed.
The group said that the transaction is part of its strategy to build a leading European independent investment banking, private equity and wealth management group. Banca Leonardo said that it intends to increase its stake in DNCA Finance over the coming years.
Jean Peyrelevade, currently chairman of Toulouse & Associes – the investment bank recently acquired by Banca Leonardo – and Remmert Laan, a partner of Gruppo Banca Leonardo, are joining Joseph Chatel (chairman), Jean-Charles Meriaux (CEO), and Charles Nouailhetas on the board of DNCA Finance. The transaction is subject to the approval of the Italian authorities.