PARIS (Reuters) – French investment firm Wendel (MWDP.PA) said on Wednesday it would create an asset management unit for outside investors to boost profitability.
The new venture is the first strategic decision by CEO Laurent Mignon, who recently took over the management of the family-owned company after heading France’s second largest bank BPCE.
It adds a new business tier to the company, known for its private equity investments and the number one investor in French certification and verification services company Bureau Veritas (BVI.PA).
Mignon said Wendell is ready to hire new people and make acquisitions to form an asset management division.
“This development will take time, but we won’t hold back from acquiring skills, teams, and even structure to speed things up as needed,” Mignon said at a press conference.
He declined to elaborate on the target size of the business in terms of either number of employees or total assets under management.
Wendell has approximately €10 billion in assets under management. Over the next two years, he said he plans to invest €2 billion in assets.
The company reports a 10.7% increase in consolidated revenues on an underlying basis in 2022 to €8.7 billion. However, his net profit fell by 26% to €1.02 billion. This was largely due to the deconsolidation of telecommunications infrastructure provider IHS Towers after its listing on the stock market in 2021, resulting in a profit of €913 million, Wendel said. increase.
Wendell is run by the Wendell family, one of France’s leading business dynasties.
Reporting by Mathieu Rosemain.Editing by Susan Fenton
Our criteria: Thomson Reuters Trust Principles.
