As part of the strategic refocusing of its activities in Europe, Credit Agricole Indosuez has agreed to sell LibertyView Capital Management Inc., its American alternative investment management subsidiary.
An agreement in principle for the sale of LibertyView Capital Management Inc has been reached with Neuberger Berman, the US-based asset manager. The sale, which relates to approximately USD 1 billion in assets under management, is expected to close by year-end.
As part of the agreement, Crdit Agricole Indosuez plans to continue to develop its investment product activity with LibertyView Capital Management Inc on behalf of its clients, and currently intends to remain a direct investor in some of the funds managed by LibertyView Capital Management Inc.
After the sale of LibertyView, Crdit Agricole Indosuez will focus its Alternative Asset Management activity in Europe through its Paris-based subsidiary CPR AM, which will be renamed EQUALT Alternative Asset Management.
With about Euros 650 million of assets under management, EQUALT Alternative Asset Management offers institutional investors a diversified and expanding range of single and multi-strategy funds, with or without capital guarantee, trading Equities, Fixed Income and Quantitative strategies, with an institutional approach focusing on both performance and capital preservation.