European bank launches French wealth initiative with acquisition
Banco Espirito Santo has acquired Marignan Gestion, a Paris-based wealth manager, in order to develop an onshore private banking business in France. Terms of the transaction were not disclosed.
Christian Merle, managing director of BES in France, said: “Marignan will give us the platform to develop a wealth business in France – predominately aimed at entrepreneurs and old money.”
Marignan has around €200m of assets under management and employs 10 staff. It was set up in 2002 by Christine de Froment and Arnaud de Rougé.
Merle said BES would be looking to better service Marignan’s clients with a broader set of products and services, as well as attracting new money.
“Although we have a target of managing around €1bn of assets under management for the French business within a few years, what is more important to us is to service the current client base well,” he said.
He added that the French wealth management market is in a state of flux, providing opportunities for those that want to grow, and have the capital to do so, in the market.
“We would certainly be looking at other acquisitions, or at least acquiring teams of wealth managers.”
BES runs a private banking operation in Lausanne, Switzerland called Banque Privée Espírito Santo, which predominately deals with Portuguese-speaking clients on an offshore basis.
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