Eurazeo reported a nine per cent increase in its assets under management (AUM) last year, despite senior management upheaval.
The French asset manager ended the year with €35bn (£29.91bn) in AUM, while fee paying assets under management rose by 12 per cent to €25.8bn.
The firm raised €3.5.bn from its clients, including €863m from private clients. This is despite postponing the fundraising of its fourth growth fund, following the departure of a number of senior executives.
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At the beginning of 2023, chief executive Virginie Morgon was ousted by shareholders who were unhappy with the company’s share price. Then in July, the company lost four investors from its growth equity team who left to start their own fund.
Soon after Morgon’s departure, Christophe Bavière and William Kadouch-Chassaing were appointed co-chairs of the board, and later became joint chief executives.
“2023 was a year focused on defining the strategy, transforming operations and achieving our growth objectives,” said Bavière and Kadouch-Chassaing.
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“The Group recorded significant successes in developing its institutional client franchises, particularly internationally, and in wealth management.
“2024 will be fully dedicated to rolling out our strategic roadmap and furthering our ambition to become the European leader in private asset management in the mid-market, growth and impact segments.”
Elsewhere in the year-end report, Eurazeo said that it anticipates higher exit volumes in the year ahead. The firm also announced a new €200m share buyback program for 2024.
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