Candriam confirmed on Friday that it acquired a 40% stake in the London-based real estate investment boutique Tristan with a first option to increase it in the future.
The strategic partnership will allow Candriam to add real estate to its multi-specialist offerings. Currently, the pan-European asset manager and affiliate of New York Life Investment Management oversees €112bn (£98.8bn) of assets under management across its products, spanning fixed income, equities, alternatives, sustainable investments and asset allocation strategies.
Tristan has about €9.1bn of assets under management and 105 professionals in eight locations.
Following the deal, boutique investor Tristan will retain its existing management and investment autonomy but will make use of the greater operating and financial resources, distribution network and scale at Candriam and New York Life IM.
Naïm Abou-Jaoudé, Candriam chief executive and chairman of New York Life IM, said the group plans to expand its European offering through future strategic relationships and M&A activity.
“As we grow our investment offerings and operations in Europe, we continue to seek strategic relationships and acquire complementary capabilities,” he said.
“Tristan Capital Partners is a true expert real estate manager. They have built an impressive track record and a strong and loyal client portfolio. Both our firms share the same values and strong corporate culture that have shaped our respective success. I am convinced that this strategic partnership will allow Tristan to further accelerate growth and capitalise on the growing demand for real estate investments.”
