Sienna in Announced Strategic Partnership With Holding Malakoff Humanis

Cleary Gottlieb is advising Sienna Investment Managers (Sienna) in its proposed long-term strategic partnership with Holding Malakoff Humanis (MH) in the retirement and employee savings field.

The transaction was announced on October 5, 2021.

The proposed long-term strategic partnership, which aims to create a leader in savings in France, includes an industrial component to accelerate the distribution of MH’s savings business as well as Sienna’s acquisition of a majority interest in Malakoff Humanis Gestion d’Actifs (MH’s asset management company with €20 billion in assets under management).

This project is subject to an information-consultation procedure involving personnel representative bodies. The transaction will be subject to approval from the relevant French authorities.

Sienna is an alternative investment platform fully owned by the publicly traded investment holding company Groupe Bruxelles Lambert (GBL). Sienna manages €10 billion (of which €2.7 billion in permanent capital or NAV) on behalf of its main shareholder GBL and international clients through real estate assets, investments in private funds, and direct equity investments in private companies.

Malakoff Humanis is a nonprofit, parity-based, mutual insurance group and the leader in group health and welfare insurance, with nearly €7 billion in equity capital, more than 400,000 corporate clients, and 10 million protected individuals (insured and beneficiaries).