MAPFRE has become the majority shareholder in the French boutique fund manager La Financière Responsable (LFR) with the purchase of another block of shares, bringing its holding to 51% of the capital.
It has thus doubled down in the French mutual fund market and specifically with regard to its commitment to socially responsible investing.
The insurance group had already acquired a 25% stake at the end of 2017, in what was the first transaction by a Spanish management company with a foreign firm in the industry. Given the positive progress made since the agreement and the excellent understanding between the two firms, MAPFRE has now decided to take another step forward.
"Since 2017, we have been committed to sustainable investment, and LFR has nearly 25 years of experience in this industry. In the past five years, we have launched SRI products jointly, a unique characteristic of which is that they make use of a proprietary methodology for the final selection of the securities that make up the funds' portfolios, something that is highly valued by our clients," said José Luis Jiménez, group chief investment officer at MAPFRE.
One of the star funds that has emerged from this alliance is the MAPFRE Inclusión Responsable fund, which was cited as an example of best practices by the United Nations.
The fund comprises portfolios that incorporate those companies most committed to labour inclusion of people with disabilities.
Another example is the MAPFRE AM Capital Responsable fund, another Article 8 mutual fund in the ESG category (investments that comply with environmental, social and governance criteria), which just received a five-star rating from Quantalys, one of the most prestigious independent analysis firms in the market.
LFR, which manages assets of nearly €650m, will continue the same operations with its customers and maintain the same brand.
Olivier Johanet, president of La Financière Responsable, said: "Since 2017, the MAPFRE and LFR teams have been working together to develop an excellent relationship and level of cooperation that benefit the clients of both companies. We very much welcome this closer relationship, which is a very important step in broadening the scope of our partnership."
