Candriam Group, a New York Life investments company, said it has agreed to buy a majority-stake in pan-European real estate investment manager Tristan Capital Partners. Financial details were not disclosed.
Candriam already owns 31 percent of Tristan, With the new agreement its stake will increase to 80 percent by the middle of this year. The remaining 20 percent of Tristan will continue to be held by its senior team.
During the last five years, Tristan has expanded its portfolio from 7 billion euro in assets management assets for institutional and private investors to over 15 billion. Candriam said the firm will maintain investment management autonomy as it has done for the past five years, while benefiting from the operating and financial resources, distribution network and scale of both Candriam and New York Life Investments.
Management stays
There will be no changes to Tristan’s management leadership, said Candriam. Ric Lewis will continue as executive chair.. Ian Laming will continue as CEO; and Cameron Spry and Ric Lewis will continue as Co-CIOs.
Candriam, a global multi-specialist asset manager with 149 billion dollars in assets under management is active in 20 countries, and is one of New York Life’s largest investment subsidiaries. Headquartered in London, Tristan has offices in Luxembourg, Milan, Paris, Frankfurt and Amsterdam.