VIA AM, selected by Emergence for its 16th investment
Emergence, the incubator and accelerator for entrepreneurial managers in the Paris market, and NewAlpha Asset Management, the SICAV's delegated manager, have announced the selection of VIA AM(1) as the first investment by Emergence's new European equities fund, launched in June 2017 with a target of €300 million, now closed to subscriptions(2) .
Emergence will put €50 million into the fund VIA Smart Equity Europe(3) the biggest investment made by Emergence since its inception in 2012. The VIA Smart Equity fund was launched in March 2016 and targets long-term outperformance of the MSCI Europe, net dividends reinvested, with a similar risk profile.
This injection will take the VIA Smart Equity Europe fund above €150 million of AUM, giving it critical mass to build up its base with international investors, and will add the caché of the Emergence label awarded by the SICAV's Investment Committee composed of France's leading institutional investors.
VIA AM has developed systematic equity and absolute return strategies based on proprietary technology that systematically analyses the economic and accounting data of 3,000 listed companies across the world (including 600 in Europe). The approach yields an exceptionally objective financial analysis and facilitates inter-company comparisons.
This “economic accounting” gives a better analysis of companies’ profitability and value before any selection across a very wide universe. Accounting standardisation means VIA AM can limit risks of errors of judgement and free itself from reliance on traditional accounting ratios.
Less than 18 months after its creation, the company now has a range of 4 funds (European, US and global equity and multi-strategy absolute return) with a total of more than €450 million under management.
Thanks to its founders’ track record and distribution through Eric Sturdza Group, VIA has attracted interest from investors mainly based in France, Switzerland and Luxembourg who have contributed to the firm's rapid growth.
VIA AM was set up in 2015 in France with the support of Eric Sturdza Group(3) and by its founders Guillaume Dolisi, Laurent Pla and Mauricio Zanini. Guillaume and Laurent have together successfully developed a number of systematic investment strategies at BNP Paribas CIB, having worked respectively as head of Long/Short Equity trading and head of quantitative research at Société Générale Securities. The third partner, Mauricio Zanini set up his own research house after 10 years’ experience with Deutsche Bank in accounting restatement.
Like their previous investments with young French investment management firms, the partnership between Emergence, NewAlpha and VIA AM offers investors in the Emergence SICAV a combination of performance by a selected fund and a stake in its expansion through a revenue-sharing mechanism.
VIA AM is the 16th company to be incubated or accelerated by Emergence through its three sub-funds dedicated to equity and absolute return. Since 2012, Emergence has raised and invested €670 million. The selected managers, who are now Emergence partners, have seen AUM grow by 2.4 times following the SICAV's investment. They currently manage around €5.2 billion, 55% of which comes from international investors.
The Emergence initiative helps bolster the reputation of French entrepreneurial managers and boosts the attractiveness of the Paris market as a competitive location for the European asset management industry.
- VIA AM is authorised by the AMF, number GP-15000029
- The sub-funds of Émergence SICAV cannot be marketed outside France and are closed to subscriptions
- VIA Smart-Equity Europe (SI) was launched in March 2016 with ISIN LU1369528622
- The Eric Sturdza Group in Switzerland focuses on its banking activities through Banque Eric Sturdza in Geneva. Outside Switzerland, the Eric Sturdza Group has developed expertise in asset management through a management firm created in 1999, E.I. Sturdza Strategic Management Ltd, fund manager for E.I. Sturdza Funds Plc, an Irish company, and, since 2015, Luxembourg asset manager, Eric Sturdza Management Company S.A. which notably manages VIA AM SICAV.
The Emergence fund chaired by Alain Leclair is the first seeding and development fund in the Paris financial market. The 15 initial shareholders of the Emergence fund comprise leading French institutional investors and, together, hold more than €1.2 trillion in financial reserves.
By launching Emergence in early 2012, the French management industry – the second largest in Europe in terms of funds managed (€3.8 trillion at end-2016), and recognised for its expertise, capacity for innovation and entrepreneurial vitality – gained a fund intended to facilitate the creation and development in France of the best asset managers. This fund has provided these young and talented managers with a total of €670 million.
Emergence was named “Best Initiative of the Year” by Morningstar during the Emerging Manager Day held in December 2013.
NewAlpha Asset Management provides qualified investors with privileged access to the financial industry’s most innovative and dynamic firms thanks to a comprehensive range of products and services.
On behalf of its clients, NewAlpha selects, finances and accompanies innovative entrepreneurial projects, mainly in asset management but also in sectors that are closely related, such as financial technologies or services for investment managers.
Europe’s leading specialist in emerging manager seeding for institutional investors, NewAlpha has entered into more than 70 strategic partnerships and invested more than €1.3 billion in French and international investment management boutiques. NewAlpha has been one of the world’s most active allocators in this space with more than €700 million allocated through 20 partnerships since 2012.
NewAlpha Asset Management is regulated by the Autorité des Marchés Financiers (AMF) and is a subsidiary of La Française Group and MACIF.
About La Française Group
For forty years, La Française has been developing core competencies in third party asset management.
La Française has a multi-expertise business model organized around four core activities: securities, real estate, investment solutions and direct financing. The group caters to institutional and private clients throughout the world.
With 639 professionals and offices in Paris, Frankfurt, Geneva, Hamburg, Stamford (CT, USA), Hong Kong, London, Luxembourg, Madrid, Milan, Seoul and Singapore, La Française manages €65.8bn in assets (as at 01/01/2019).
La Française is a forward-looking responsible investor and as such, incorporates tomorrow’s challenges into today’s investment strategy.
La Française is owned by Credit Mutuel Nord Europe (“CMNE”), a banking and insurance group present in Northern France and Belgium.