The firm, which has been operating for half a decade, has risen to about $25 billion in assets over that time. It is backed by European investors including Amundi, the French fund management group.
When Geneva-based SYZ Group sold its €2 billion ($2.42 billion) OYSTER fund range in early March 2020, its acquirer, iM Global Partner, added to its rapid growth story, chalking up a rise from $1 billion to $25 billion in five years. It also recently announced that it had bought $4 billion US wealth management firm Litman Gregory.
The transaction shed light on how some firms such as SYZ are focusing on what they see as core strengths (as explained by that firm) while others are building scale in the funds distribution space where size and market positioning are crucial.
The firm, which has offices in Paris, London and Philadelphia, has business interests in the US and Europe, and in 2022 will start to look at Asia.
iM Global Partner was founded in 2013, and capital was committed to it in 2015. Amundi, the French asset management house, Eurazeo, the French private equity asset manager, and other European private investors, are backers.
“We take minority partnerships in asset management companies. The pitch for us is that we are not a private equity investor…we are an industry investor. So we bring some value to support the distribution effort of firms around the world,” Philippe Couvrecelle, chief executive of iM Global Partner, told WealthBriefing in an interview.
“This is how we have convinced six partners [to get involved]…these companies all have outstanding track records and are not looking for money. We are fully aligned investors,” he said.
The firm already has business interests in the US and Europe, and in 2022 will start to look at Asia, he said.
Businesses it partners with include Polen Capital, Dynamic Beta Investments (DBi), Zadig AM, Scharf Investments and Dolan McEniry.
The funds distribution and related platform business is seeing a
battle for scale and consolidation. To give one example:
In 2019, Credit Suisse agreed to combine its
open-architecture investment platform business with Allfunds, the
wealthtech firm. Credit Suisse InvestLab, as the platform is
called, was combined with Allfunds, building a global fund
distribution platform. That deal gave the Swiss bank the kind of
market penetration that might otherwise have taken years and high
resources to build. With Allfunds recently moving into the Asian
market, the deal also gave Credit Suisse an important new channel
to that region.