Bought out by its management, Raymond James Asset Management International is now flying on its own wings, according to today’s Agefi. Renamed Gay Lussac Gestion, the company remains under the chairmanship of Emmanuel Laussinote, who opened Raymond James’ first European office in 1987, initially in equity brokerage. In 1995, he launched the management company for French institutional investors, which was then 57% owned by Raymond James Financial.
The management company has nearly one billion euros under management. A drop in the ocean in the Raymond James Financial group, which has 240 billion euros under management worldwide. The French asset management subsidiary was therefore a subsidiary activity for the group, which chose to part with it. “For Raymond James Financial, asset management is only fund management. However, RJAMI is present both in fund management (for about 50%), but also in mandates (35%) and retirement savings management (15%). It was therefore quite difficult for the group to classify us,” explained Emmanuel Laussinotte to Agefi.
But the divorce is going well since Gay-Lussac Gestion remains manager of the Raymond James sub-funded SICAV in Luxembourg and will continue to rely on Raymond James’ research. The objective is thus to double assets under management within three years.