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Mapfre AM ups stake in French ESG mutual fund boutique

The firms have jointly launched SRI products over the past five years

Spanish asset manager Mapfre AM has taken a majority stake in French ESG specialist mutual fund boutique La Financière Responsable (LFR).

The deal, announced this week, states that Mapfre AM has upped its stake in the firm from 25% to 51% as part of its growth strategy.

José Luis Jiménez, CIO of Mapfre, said: “Since 2017, we have been committed to sustainable investment, and LFR has nearly 25 years of such experience in this industry. In the past five years, we have jointly launched SRI products, which have the peculiarity of having their own methodology for the final selection of the securities that make up the funds’ portfolios, something that is highly appreciated by our clients.”

He added: “An example of synergies seen at the product level is the Mapfre AM Inclusión Responsable fund, which has been cited by the United Nations Global Compact as an example of best practice. The fund’s portfolio encompasses those companies most committed to labour inclusion of people with disabilities.”

Mapfre AM has had something of footprint within the French ESG investment sector in recent years. In December 2020, the firm was given authorisation to use the SRI Label. Back then, it was the first Spanish asset manager to achieve the distinction for some of its mutual funds.

The internationally recognised label can assist investors when choosing responsible and sustainable investments; and aims to make socially responsible investment (SRI) products more visible to savers in France and Europe.

LFR, which has assets of nearly €650m, will maintain operations with its customers and retain the brand.

Olivier Johanet, president of LFR, said: “Since 2017, the Mapfre and LFR teams have been working together in order to develop an excellent relationship and cooperation that benefits the clients of both companies. We very much welcome this closer relationship, which is a very important step in broadening the scope of our partnership.”

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