Posted on Apr 6, 2021, 12:00 PMUpdated Apr 6, 2021, 3:16 PM
Asset manager La Française has recruited Mark Wolter as country manager and director of its property management business in Germany. The group wants to resume growth in its second market, where it manages 2.3 billion euros in assets against 8 billion in 2019, after the takeover of local manager Veritas. The latter saw its outstandings melt after the loss, in particular, of a large institutional contract in early 2020.
Mark Wolter will have to finalize, by May, the merger of two local entities of the group: La Française AM GmbH (formerly Veritas Investment) in Frankfurt and Veritas Institutional in Hamburg. The new structure will be called “La Française Systematic Asset Management”, and will become La Française’s multi-asset quantitative management center, with € 1 billion in assets. The real estate branch of La Française manages for its part 1.3 billion in Germany.
Fifty-year-old Mark Wolter graduated in business from the Fachhochschule in Aachen and in real estate from the EBS Universität in Wiesbaden. He started his career at Arthur Andersen Real Estate in 1998. He then joined the German property management activities of Generali, then Schroders. Since 2010 he was responsible for the management of institutional funds at Deka Immobilien, one of the main players in the German market.
A subsidiary of Crédit Mutuel Nord Europe (CMNE), La Française managed € 53 billion in assets at the end of 2020 (split equally between real estate and securities), compared to € 70 billion in mid-2018. An assumed decline linked to the loss of an important mandate from its parent company and the independence of La Française Investment Solutions. While CMNE is in the process of merging with Crédit Mutuel Alliance Fédérale, based in Strasbourg, the latter is particularly interested in La Française’s expertise in real estate and its presence in Germany.