Belfius, Candriam extend wealth and asset management deal
The extension of the deal between the Belgian entities will see the establishment of a joint venture, subject to regulatory capital. Candriam and Belfius will each own 50% of the structure which aims to work alongside the team of Belfius' asset management arm, Belfius Investment Partners. The joint venture will be dedicated to discretionary management for retail clients. Belfius and Candriam, whose creations resulted from the split of former Belgian group Dexia, seek to develop hand in hand on the Belgian private banking and wealth management market.
According to Belgian trade newspaper L'Echo, Candriam already oversees €38bn assets from Belfius or 30% of the manager's assets. Candriam's CEO Naïm Abou-Jaoudé told L'Echo that 20+ employees from Candriam will manage private and wealth management mandates together with Belfius teams. An extra €5bn assets will be transferred for this new activity.
Both Candriam and Belfi