France's CDC to Buy Nvest
Nvest has a large presence in the retirement market through its 18 affiliates, which include AEW Capital Management, Kobrick Funds and Loomis Sayles & Co.
As part of the deal, Nvest will be renamed CDC Asset Management-North America. Peter Voss will continue to be the company’s CEO.
Nvest had $134 billion in assets under management as of March 31. It caters to both institutional and individual clients. Once the transaction is completed, the firm will have over $300 billion in assets. It will be one of the top 20 money managers in the world.
Metlife, which holds 48% of Nvest, will receive $858 million in the deal. The transaction is subject to the approval of Nvest unitholders and regulatory and client approvals. It is expected to close before the end of the year.