Oddo & Cie, a France-based asset manager, has acquired Banque d’Orsay from German group WestLB.

The deal, which is expected to receive regulatory clearance at the end of this year, will create a new entity with a staff of nearly 900.

With its range of 40 open-ended and dedicated funds, Banque d’Orsay has nearly €2.5bn of assets under management.

Oddo & Cie board member Philippe Oddo said the Oddo group has seized this opportunity to boost presence in asset management and private banking, to acquire a range of high quality products that will complete the company’s own offering and because of clear cultural affinities between the two companies.