(Agence Ecofin) – For former senior executives of major banks and finance, the launch of a special listed acquisition structure has become commonplace. The financier of Ivorian origin Tidjane Thiam is also reported on this type of project, with the American JP Morgan.
Tidjane Thiam (photo), the financier of Ivorian origin, is said to be launching a special investment vehicle of $ 250 million that will specialize in acquisitions of financial companies in developed and developing countries. The information was given on Bloomberg Television, which quotes people familiar with the process.
It has not yet been confirmed by the one who had allowed Credit Suisse to return to profits. JP Morgan, presented as the main arranger in setting up the investment structure, which will be listed on the New York Stock Exchange, did not comment on this news either.
Mr. Thiam is familiar with the world of international investments. Long before his move to Credit Suisse, he managed Prudential, a major British insurance company with an investment portfolio spanning several emerging and developed countries.
The type of firms that the financier sets up does not a priori target specific investments. The people who contribute to its fundraising decide on their commitments on the sole basis of the confidence they have in the project leader, as well as his ability to generate the expected returns. Many sovereign funds have reportedly been approached for this purpose.
Tidjane Thiam will thus have another frank opportunity to measure the confidence placed in him in the world of international investments. If the project is completed, it will evolve in the US financial market which is known to be difficult and very competitive. Also the setting up of special acquisition vehicles has become commonplace for former senior financial executives.
Between 2015 and 2020, the number of this type of investment vehicles having been launched in the United States is estimated at 200 according to a specialized platform to this activity. 9 of them were closed without making an investment, 82 made investments and 109 are in the negotiation phase. It remains to be seen what strategy will be put in place by Mr. Thiam to, this time again, make a difference.