La Financière de l’Échiquier and LBP AM announce their plan to combine into a single entity, LFDE Investment Managers (“LFDE IM”), with the aim of accelerating the expansion of their external client base

La Banque Postale, majority shareholder of LBP AM, today announces the planned merger of its two asset management companies, LBP AM and its wholly owned subsidiary La Financière de l’Échiquier, a longstanding well-known French boutique in active equity management, to form LFDE IM, continuing a long track record as a leading European firm specialising in active management, sustainable finance and innovative solutions.

Upon completion of the transaction, LFDE IM will remain 75% owned by La Banque Postale and 25% by Aegon AM and will offer a broad range of expertise and capabilities within a multi-specialist platform. In a rapidly evolving market environment, this merger aims to accelerate the group’s growth trajectory, building on its successful track record, primarily in France, with institutional, wholesale and IFA clients. To support this ambition, the new entity will leverage its core strengths and expertise by focusing on three main growth drivers: private assets, value-added fixed income, and international client acquisition.

Following the successful integration of La Financière de l’Échiquier into the group LBP AM in 2023 and the merger with Tocqueville Finance in 2024, La Financière de l’Échiquier has established itself as a leading high-conviction equity manager in Europe, with close to €26 billion in assets under management at end-April 2026. In parallel, LBP AM has continued to expand its footprint in France and across Europe, both in listed (value-added fixed income, quantitative equity management and multi-asset solutions) and private markets (European Private Markets).
Today, the proposed merger will create LFDE IM, a multi-specialist active asset manager with close to €72 billion in assets under management, 370 employees including 130 investment professionals, and already distributed across 12 countries at end-April 2026.

After having successfully supported institutional clients, wholesale investors and IFAs in its domestic market for many years, the new group aims to accelerate its international development. It will offer its clients an extensive range of solutions, combining financial and extra financial performance, while leveraging the longstanding listed assets expertise of both firms as well as 13-year track record in European private markets. 

Building on the “LFDE” brand - best known  for its entrepreneurial culture focused on client service - and supported by an organisation structured around agility, product and technological innovation, La Banque Postale aims to strengthen the visibility of its asset management division and its ability to accelerate growth, particularly across its three strategic priorities: private assets, value-added fixed income, and international client acquisition.

The combined entity will build on the strength and expertise of its existing teams and leadership, ensuring continuity and complementarity.

“In an increasingly consolidated industry, marked by a proliferation of offerings and rapidly evolving investor expectations, this merger project is fully aligned with the development strategy of La Banque Postale, a subsidiary of Group La Poste. It will serve as a powerful lever for consolidation and acceleration of its asset management business.” Stéphane Dedeyan, Chairman of the Executive Board of La Banque Postale

“This project will enable us to bring together our listed and private markets expertise within a unified organisation. It will also strengthen our growth drivers while accelerating our international expansion. This evolution will build on the path initiated in 2023, driven by a continued focus on development, innovation, performance and service delivered to investors.” Emmanuelle Mourey, Chairwoman of the Executive Board of LBP AM 

“With this project, we aim to further enhance the support and service we provide to our clients, and to accelerate the acquisition of new investors, particularly internationally. By leveraging the strength of the LFDE brand, the combined expertise of La Financière de l’Échiquier and LBP AM, and the complementarity of our teams, the new entity will benefit from enhanced capabilities in France and across Europe, delivering a high level of service and optimal responsiveness.”  Olivier de Berranger, CEO of La Financière de l’Échiquier

​​​​​​​This merger project involving LFDE and the planned name change of LBP AM is subject to information and consultation with the relevant employee representative bodies, to approval by the governing bodies, as well as to the required regulatory and administrative authorisations. Its completion will take place by the end of 2026, subject to obtaining the necessary authorisations.