Milleis enhances its market position as the third largest independent wealth manager in the French market. 

AnaCap Financial Partners, a specialist investor in European mid-market financial, technology and related business services, this week announced that its portfolio company Milleis Banque Privée, the third largest independent French wealth manager, has officially completed the acquisition of Cholet Dupont-Oudart Group, an independent private bank based in Paris. 

The financial details of this transaction, for which negotiations began in 2021 and were concluded in October 2022, were not disclosed. 

Founded in the 18th century, Cholet Dupont is one of the oldest private banks in the French market, supporting over 7,000 families with a range of tailored wealth management services, the firm said in a statement. 

Following its merger with Oudart in June 2021, Cholet Dupont-Oudart now has nearly €4 billion ($4.3 billion) of assets under management. It will continue to be led by Fabrice de Cholet and Gaël Dupont, ensuring continuity of brand, the firm said.

Milleis, which acquired by AnaCap in 2017, is an independent wealth management platform in the French market, managing €9 billion of AuM. It serves the affluent segment by providing advice and discretionary portfolio management services. 

Milleis operates through a combination of physical hubs strategically located within France’s most relevant regional wealth pools and a digital service model allowing full remote interaction between the clients and the private bankers. 

Under AnaCap ownership, the business has grown over the past three years with an AuM increase of 16 per cent per year and new inflows of 25 per cent annually. A newly-implemented software-as-a-service cloud platform leveraging innovative digital applications and data management has also contributed to this growth, the firm said. 

This combination will allow Milleis to reach a combined customer base of 70,000 families with €13 billion ($13.95) AuM. Furthermore, it represents an opportunity to continue to capture a growing share of the €3 trillion affluent/high net worth French market, the firm added. This combination will also unlock significant commercial synergies through an expanded service and product base, with both businesses also focused on ESG. 

Nicolas Hubert, CEO at Milleis, said: "This partnership allows us to enter a new, high potential chapter that will ultimately benefit both our customers and all our employees alike. Today, Milleis and Cholet Dupont-Oudart, whose founding families will remain shareholders, represent strong reference points as key market players for wealth management services in France.”

Nassim Cherchali, co-managing partner at AnaCap, added: “The wealth management market in France for the affluent and high net worth is one that is continuing both to grow rapidly and consolidate and we believe that Milleis is strategically well positioned in terms of client value proposition and ability to be a scalable platform.”