Investment and development platform iM Global Partner has acquired a 20 percent interest in Zadig Asset Management (Zadig AM), an independent European equities specialist with $1.8 billion assets under management and 15 employees based in London and Luxembourg.
Zadig AM will be the sixth partner to join the multi-boutique platform, and the first that manages European equities. Approximately 90 percent of the firm’s assets under management is managed for institutional investors. On a geographic basis, European clients account for 75 percent of the total assets under management with the remaining 25 percent coming from US clients.
The acquisition is in line with iM Global Partner’s approach of acquiring minority strategic investments in best-in-class traditional and alternative investment firms in the US, Europe and Asia.
As with other strategic partners, Zadig AM will continue to run its operations independently and manage its portfolios, using the same active and concentrated stock picking approach developed by its management team.
Founded in 2005 by Lauren Saglio, who previously launched and successfully co-managed the Voltaire fund from 1998 to 2005, the firm offers investors a range of UCITS funds. Zadig AM launched the Memnon European Equity fund in 2011, a long-only fund that invests in 25 mid-to-large cap European companies at any given time.
Following the arrival of European equity long-short manager Vincent Bourgeois as a partner, the firm has since expanded its range of operational resources. In 2016, Zadig AM launched Memnon Market Neutral, a European equity market neutral fund, with minimal or no European equity market correlation). It also offers investors the Memnon ARP fund, a global macro strategy which aims to generate a high single digit return over the medium term with little or no correlation to equities and government bonds. The fund combines directional and style premia strategies to get exposure to performance streams from equity indices, government bonds, commodities and credit.
Under the supervision of Pierre Philippon, Zadig AM’s third partner, it has grown its UCITS and institutional assets by 40 percent annually over the past five years.
Commenting on the announced agreement, Mr Saglio said: “We are thrilled by this partnership with iM Global Partner. We will pursue our growth path by extending our range of products with the addition of new talents. This expansion will be true to our investment philosophy: active and concentrated stock picking to generate alpha in all market conditions. For this, iM Global Partner is an excellent partner, bringing distribution, business support and a sophisticated appreciation of the investment management industry. This is what we need to keep growing for the benefit of all Zadig’s historical stakeholders to whom we remain exceptionally grateful for their support.”
Philippe Couvrecelle, founder and chief executive officer at iM Global Partner, added: “Zadig AM is a high conviction asset manager with an outstanding long-term track record. We are convinced that our investment in Zadig Asset Management will offer clients worldwide unique access to one of the best performing European equity fund manager.”
The acquisition remains subject to the approval of Luxembourg’s regulator, the Commission de Surveillance du Secteur Financier.
