Feb 08 2023

AnaCap-backed Milleis, successfully completes its combination with Cholet Dupont-Oudart Group to become the 3rd largest independent French wealth manager

We are pleased to announce that AnaCap’s Milleis, has successfully completed its combination with Cholet Dupont-Oudart Group to become the 3rd largest independent French wealth manager. This combination will allow Milleis to reach a combined customer base of 70,000 families with €13bn AUM.

  • Milleis further strengthens its market position as the 3rd largest independent wealth manager in the French market servicing more than 70,000 families with €13 billion assets under management
  • The combination represents an opportunity for both players to further accelerate their growth strategies in the €3 trillion affluent / high net worth market thanks to a wider client reach and service / product offering
  • Acquisition follows Milleis 3 years of strong growth for both AUM (16% p.a.) and new inflows (25% p.a.)

AnaCap Financial Partners (“AnaCap”), a leading specialist investor in European mid-market Financial, Technology and related Business Services, today announces that its portfolio company Milleis Banque Privée (“Milleis”), the 3rd largest independent French wealth manager, has successfully completed the combination with Cholet Dupont-Oudart Group (“Cholet Dupont-Oudart”), an independent private bank based in Paris. The financial details for this transaction were not disclosed.

Founded in the 18th century, Cholet Dupont is one of the oldest and most established private banks in the French market, supporting over 7,000 families with a wide range of tailored wealth management services. Following its merger with Oudart in June 2021, Cholet Dupont-Oudart now has nearly €4 billion of assets under management (“AUM”) and will continue to be led by Fabrice de Cholet and Gaël Dupont, ensuring continuity of brand.

Milleis, acquired by AnaCap in 2017, is an independent wealth management platform in the French market managing ~€9 billion of AUM, serving the affluent segment by providing independent advice and top performing discretionary portfolio management services. Milleis operates through a combination of physical hubs strategically located within France’s most relevant regional wealth pools and a digital service model allowing full remote interaction between the clients and the private bankers. Under AnaCap ownership, and thanks to a highly talented management team, the business has experienced significant growth over the past 3 years with an AUM increase of 16% p.a. and new inflows of 25% p.a. A newly implemented software-as-a-service (“SaaS”) cloud platform leveraging innovative digital applications and data management has also contributed to this growth.

This combination will allow Milleis to reach a combined customer base of 70,000 families with €13 billion AUM, reaffirming its position as one of the few independent, at scale platforms in the French market possessing a strong brand relevancy across all client segments. Furthermore, it represents an opportunity to continue to capture a growing share of the €3 trillion affluent / high net worth French market. This combination will also unlock significant commercial synergies through an expanded service and product base, with both businesses also focused on ESG.

Nicolas Hubert, Chief Executive Officer at Milleis, commented:

“This partnership allows us to enter a new, high potential chapter that will ultimately benefit both our customers and all our employees alike. Today, Milleis and Cholet Dupont-Oudart, whose founding families will remain shareholders, represent strong reference points as key market players for wealth management services in France.”

Nassim Cherchali, Co-Managing Partner at AnaCap, added:

“The wealth management market in France for the affluent and high net worth is one that is continuing both to grow rapidly and consolidate and we believe that Milleis is strategically well positioned in terms of client value proposition and ability to be a scalable platform.”

Alberto Sainaghi, Investment Director at AnaCap, concluded:

“This combination represents another key moment for Milleis’ growth trajectory further bolstering an already strong track record in terms of growth, market position, and client services. Welcoming Cholet Dupont-Oudart will allow Milleis to address a new market segment with a dynamic service and wider product offering to better serve its clients and we look forward to further building on this position.”