Oddo & Cie takes 5 percent stake in EFA 13 December 2013Paris Reporter: Daniel Jackson
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Oddo & Cie and European Fund Administration have signed an international partnership agreement that will see the pair cooperate more closely.
EFA, a third-party administrator specialising in services to investment funds, will become the valuation and administration agent for the Oddo Asset Management investment funds and the investment funds of third-party asset management companies that are clients of Oddo & Cie, so far administered by Oddo Services.
Financial services group Oddo & Cie will become a shareholder with a 5 percent stake in EFA SA, based in Luxembourg.
Oddo Services will continue to provide account maintenance and custodian services to these investment funds.
With the integration of Oddo's current valuation team, EFA increases its presence in France and now has 518 employees worldwide looking after 2720 funds and a total of €103 billion in assets under administration.
Philippe Oddo, managing partner at Oddo & Cie, said: "I am convinced of the validity of an independent valuation model for the investment funds and am delighted to work alongside the leading independent valuation services provider in Europe."
Thomas Seale, CEO of EFA, said: "We greatly appreciate Oddo Group's expertise in asset management, in addition to its in-depth knowledge of the French market. These characteristics guarantee the quality of our partnership."
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