Paris-based La Banque Postale is to merge its two asset management companies, majority-owned LBP Asset Management and its wholly owned subsidiary La Financière de l’Échiquier, a longstanding well-known French boutique in active equity management, to form LFDE Investment Management.
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, the 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.
“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.
