Italian investment group Gruppo Banca Leonardo, founded by former Lazard banker Gerardo Braggiotti, is to acquire a 34 per cent stake in DNC...

Italian investment group Gruppo Banca Leonardo, founded by former Lazard banker Gerardo Braggiotti, is to acquire a 34 per cent stake in DNCA Finance, a French asset management company. No financial details were disclosed. The deal will strengthen Leonardo’s presence in France while providing the French asset manager with access to other European markets through Banca Leonardo's existing network, including its well-established private banking activities in Italy where it manages more than €2 billion ($2.53 billion) in assets DNCA Finance was founded in 2000 and has around €3 billion in assets under management. Earlier this month Leonardo acquired Toulouse & Associés, an independent investment bank based in Paris. It also has a joint venture with French investment group Eurazeo for private equity activities in Italy, led by former Lazard chairman Michel David-Weill.