Frankfurt-headquartered global asset manager Cardea Europe is looking at M&A opportunities to expand its international footprint.
The company is targeting independent asset managers in Europe, especially in the Dach region, the UK and the US.
The acquisition push will be financed via the expansion of its 2020-23 7.25% corporate bond. It will go from a nominal €125m up to €250m (£212m, $255m) – which will be completed within the next two weeks.
The Cardea corporate bond is traded on the open market of the Frankfurt Stock Exchange and expires in 2023.
The transaction proceeds will be used to fund any potential acquisitions in the independent asset management space.
Cardea Group already has offices in Atlanta, London, Barcelona and Frankfurt with AuA/M totalling around $19.5bn (£16bn, €19bn).
Consolidation
This comes several months after one of its subsidiaries, Cardea Financial Services UK, acquired pan-European wealth and asset management firm Olympia Wealth Management for an undisclosed sum.
Olympia is headquartered in Milan but has offices in Rome and London as well.
As of May 2022, it had around €400m in assets under management.
At the time, Jordan Waring, founder and chief executive of Cardea Group, said: “We are delighted to welcome Olympia’s renowned and well-established team to the Cardea Group. Their high level of expertise in asset and wealth management, as well as their exceptionally stable network, perfectly complement our expansive approach.
“We are certain that together with the Olympia team, we will further consolidate our good market position in wealth and asset management in the continental European market and that our combined know-how will lead to further joint growth.”
