The announcement is not really a surprise: The French asset manager LBP AM and its subsidiary La Financière de l’Échiquier (LFDE) are merging into a new entity under the name LFDE Investment Managers (LFDE IM). This was announced on Thursday by the parent company La Banque Postale.

The merger, or rather the integration of LBP AM and La Financière de l’Échiquier, has been strategically planned for some time and was already clearly prepared in 2023.

European player in active asset management

At the time, La Banque Postale had completed the full acquisition of LFDE via its asset management subsidiary LBP AM. At the same time, it was already openly communicated that LFDE and Tocqueville Finance were to be brought closer together in order to create a European “conviction-based” asset manager with greater critical mass. Now, words are to be followed by action.  

The merger will create a European provider of active asset management with assets under management of more than 72 billion euros and around 370 employees, including 130 investment experts. The new company will be present in 12 countries. Once the transaction is completed, LFDE IM will be owned 75% by La Banque Postale and 25% by Aegon Asset Management.

Focus on international expansion

The new platform is intended to combine the expertise of both firms in listed and unlisted investments. According to the announcement, the growth strategy will focus in particular on private assets, value-added fixed-income investment strategies, as well as international expansion and the acquisition of new institutional and wholesale clients.

Following the integration of Tocqueville Finance in 2023 and 2024, LFDE had already developed into a leading European provider of conviction-based equity investments. At the end of April 2026, the company managed just under 26 billion euros.

LBP AM, meanwhile, expanded its activities in recent years in the areas of interest-rate and credit strategies, quantitative management, multi-asset solutions and European private markets.

“Accelerated development”

“In an increasingly concentrated sector, offerings and investor expectations are changing at high speed,” said Stéphane Dedeyan, chairman of the board of directors of La Banque Postale. The project is intended to make an important contribution to the consolidation and accelerated development of the asset management business.

Emmanuelle Mourey, chairwoman of the board of directors of LBP AM, also described it as a strategic step to bundle expertise in listed and private assets and to strengthen international expansion.

The merger is still subject to approval by employee representatives, the relevant corporate bodies and regulatory authorities. Completion of the transaction is expected by the end of 2026.