Tag Archives: Investments

Altor completes successful fundraising for Fund V

Altor

Altor has closed its fifth fund, Altor Fund V. The Fund held a single closing at its hard cap of EUR 2.5 billion after a brief fundraising period, where the Fund was substantially oversubscribed. Altor will continue investing in and developing mid‐market companies in the Nordic region but will also focus on opportunities in the German speaking‐region (DACH). The fund is domiciled in Stockholm, Sweden.

93% of the capital has been committed by existing investors, with only a select group of new investors being invited. The investor base consists mainly of university endowments from the US, charitable foundations, insurance companies and pension funds. Nordic and DACH investors represent 32% of total commitments, with remaining capital being committed by investors mainly from the US, elsewhere in Europe and Middle East.

Altor’s previous funds have generated strong total returns since inception in 2003, with overall gross IRR of 26%. Realized total returns have generated a gross IRR of 35% and a money multiple of 3.7x. Altor has consistently been ranked among the leading Private Equity firms globally based on long-term performance. Altor retains its longstanding ambition to create value and generate superior returns by building world‐class companies.

As with prior funds, the new fund will have a 15-year investment term. Investments will generally be made in private companies with revenues typically in the range of EUR 50 to 500 million. More than 50% of investments have been made in partnerships with founders or corporates. The new fund has, as with its predecessors, a flexible investment mandate, which allows for minority investments in publicly traded companies and distressed debt.

“The past year has been an exciting year for Altor, with several exciting new investments (including FH Gruppen, LRF Konsult, O’Learys, Trioplast, Gnist and KonfiDents), the recent partial realization of Orchid as well as our expansion into DACH through our new Zürich‐office” commented Harald Mix, Partner at Altor. “We have during the period also promoted three new partners and also made a number of senior and junior hires to deepen and strengthen the Altor team.”

Altor Fund V is managed by Altor Fund Manager – an authorized manager under the Alternative Investment Funds Act, regulated by the Swedish Financial Supervisory Authority.

“Demand for Altor Fund V has been extremely strong, with many existing investors increasing the size of their investment as well as significant interest from new investors,” said Laurence Zage, a Managing Director at Monument Group, the private fund placement agent supporting Altor in the fundraising process. “This is testament not only to Altor’s track record of value creation and ability to generate superior returns, but also their trustworthiness and transparency. We are proud to have assisted Altor with each of their previous fundraises in a relationship that dates back more than 15 years.”

For more information:
Harald Mix, Partner Altor: tel +46 8 678 91 00
Tor Krusell, Head of Communications Altor: tel. +46 70 543 8747

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in roughly 60 companies. The investments have been made in medium sized, predominantly Nordic, companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Byggmax, Carnegie Investment Bank, Dustin, Helly Hansen, Lindorff and SATS ELIXIA. For more information visit altor.com.

Categories: News

Tags:

Verdane to invest 6 billion SEK in Northern European growth companies

Verdane Capital

Verdane has established Verdane Capital X, the largest Verdane fund to date, with 6 billion SEK of committed capital. Through the new fund, Verdane will help build high-growth market leaders in the Northern European software, consumer internet, energy technology and advanced industrial sectors.

Based on deep sector expertise, Verdane will help ambitious management teams of fast-growing businesses accelerate and sustain growth. The new fund will invest in Northern European companies, typically with 50-500 million SEK in revenues. It will acquire majority or minority positions in either single companies or portfolios of companies.

“Growth is always at the top of our agenda. On average, the portfolio companies grew their revenues by 23% in 2018, and put together created well over one thousand new jobs. With our new fund, we will continue to look for well positioned companies operating in structural growth markets, and our goal is to identify and remove bottlenecks constraining growth. By offering a long-term focus, companies backed by Verdane funds can make the necessary investments in their organisations, products and brands to secure sustainable market leadership,” comments Bjarne Lie, Managing Partner at Verdane Capital Advisors.

Companies backed by Verdane funds will access capital, know-how, a global network and the advisory team’s 15-year experience of building sector leaders across the Nordics. Importantly, they will also gain access to peer-to-peer knowledge exchange in a professional network built through over 100 core investments in the software, consumer internet, advanced industrial and energy sectors.

“Verdane funds probably have the most flexible investment mandate on the market. As long as we believe in a business, and see a way to add value, we can find a way for the Verdane funds to invest. It is the business that matters and how we can help, not the structure,” explains Bjarne Lie.

Verdane Capital X closed at its 6 billion SEK hard cap in January. The fund received commitments from leading global university endowments, foundations, insurance companies, family offices, government agencies, as well as private and public pension funds from 11 countries. Over 50% of the capital comes from non-profit investors.

“We want to thank the investors for their support and for moving at high speed, allowing us to close the first investments of the fund. Momox, Germany’s leading re-commerce company, and HIVE Streaming, a Swedish enterprise video distribution company, have already begun their journey as part of Verdane Capital X’s portfolio. These are exactly the types of companies that the fund will continue to invest in.”

Verdane Capital X was advised by Rede Partners, an independent fundraising advisor to the private equity industry, and Andulf Advokat, a law firm specialising in private equity.

***

For more information, please contact

Jonathan Bui, Communications Manager
+46 762 72 81 00
jonathan.bui@verdane.com

About Verdane

Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both majority and minority investments in individual companies and portfolios. Verdane funds act as ambitious, active and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s technology capabilities and proven track record in driving business value. Verdane funds’ current portfolio includes Boozt, EasyPark, Freespee, inRiver, MatHem, Mustad, Momox, Polytech and Trivec. Verdane Advisory Group has 38 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com

Categories: News

Tags:

Coller Capital’s fund enters a strategic relationship with Liquid Stock

Coller Capital

Liquid Stock (“Liquid”) today announced the launch of a fully independent, institutionally backed firm providing liquidity to employees and stockholders of privately held companies.  This strategy will align the interests of employees and shareholders by converting option holders into owners, providing companies with an alternative to tender offers and offering employees and shareholders full value for their stock.  Liquid’s team brings together a multi-disciplinary approach of leaders in liquidity solutions, venture capital and private equity investing, to provide liquidity to individual counterparties. Liquid is well-positioned to become the leading source of capital for private companies looking to provide liquidity to their employees through tax efficient, company-wide share purchase programs.

Funds managed by Goldman Sachs Asset Management, Morgan Stanley AIP and Coller Capital have entered into a strategic relationship with Liquid, making substantial capital commitments to Liquid’s fund.

Robert Pitti, Founding Partner of Liquid commented, “Our team brings a long history with a strong track record of collaboratively solving the challenges faced by private companies and their employees, as well as a strong understanding of their businesses.  Our strategic investors provide Liquid the ability to scale immediately to meet the needs of even the largest private companies, as well as a deep understanding of the global markets.”

Harold Hope, Managing Director and Global Head of Goldman Sachs Asset Management’s Vintage Funds commented, “Liquid’s depth of experience, diversity of skills and quality of team uniquely positions them as the liquidity provider of choice for employees and stockholders of privately held companies. As venture-backed companies are staying private for longer, we believe the Liquid offering provides an important liquidity tool for these stakeholders.”

Jeremy Coller, Chief Investment Officer of Coller Capital, said, “This is an innovative product that enhances liquidity options for those who work and invest in privately held businesses. We’re pleased to be partnering with Liquid in this exciting development.”

About Liquid Stock

Liquid Stock, headquartered in San Francisco and Los Angeles, is the first fully independent, institutionally backed firm, providing liquidity to employees and stockholders of privately held companies. Liquid intends to become the leading source of liquidity for employees and investors holding valuable, illiquid assets, and for companies looking to address their employees’ liquidity needs through tax efficient share purchase programs. More information about Liquid can be found at www.liquidstock.com.

Categories: News

Tags:

EURAZEO growth reinvests in CONTENTSQUARE to accelerate its development

Eurazeo

Paris, January 24, 2019 – Eurazeo has announced the sale to AXA of its 22% stake in Capzanine,
an independent European management company specializing in private investment.
Since entering Capzanine’s share capital in October 2015, Eurazeo and AXA have helped Capzanine
accelerate its growth in the debt and equity sectors and develop international partnerships.
During this period, Capzanine has significantly expanded its business, increasing assets under
management from €1.1 billion to €2.5 billion.

This transaction is accompanied by the assumption by AXA and other investors of all Eurazeo
commitments in funds managed by Capzanine, excluding an €8 million commitment in Capzanine
Situations Spéciales.

The transaction amount is approximately €82 million. This includes shares in the management
company on which Eurazeo realizes a multiple of just over 3x the initial investment and fund shares
recently subscribed by Eurazeo.
**
About Eurazeo
Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under management, including nearly €11 billion from third parties, invested in over 300 companies. With its considerable private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 225 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo has offices in Paris, New York, Sao Paulo, Buenos Aires, Shanghai, London, Luxembourg and Madrid.

o Eurazeo is listed on Euronext Paris.
o ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

Categories: News

Tags:

AXA Venture Partners (AVP) raises $150 million for second Early Stage Fund.

AXA

AVP, a venture capital firm investing in high-growth technology companies, announces it has
completed the first closing of the second vintage of its Early Stage Fund (AVP Early Stage II)
with $150 million (€130 million). The first Early Stage Fund, a $110 million vehicle raised 2015,
has now been successfully deployed. The launch of the second Fund confirms AVP’s ambition
and commitment to early stage venture investing.

The fundraise has generated strong interest from existing and new investors and confirms the
differentiation of AVP’s approach to venture investment: strong team with deep sector
expertise, global presence and ability to add value beyond capital, notably through business
development opportunities with the investors of the Fund.
Similar to AVP Early Stage I, AVP Early Stage II will focus on North America, Europe & Israel and
will aim to invest in outstanding technology businesses, pre and early revenue, in enterprise
SaaS, consumer platform and SME solutions, with particular focus on fintech and digital health.
AVP Early Stage II will write initial checks up to $6 million and will support entrepreneurs in
their ambition by providing them business development opportunities with AXA and any other
relevant corporations.

AVP confirms with this fundraise, its position as a unique platform for investments in
technology with $600 million of assets under management (AUM) through three pillars of
investment expertise: Early Stage Fund, Growth Stage Fund and Fund of Funds, allowing its
investors to choose the most appropriate solution for tech investing.
AVP’s ambition is to become a preferred partner for entrepreneurs looking to grow their
business in Europe, North America and Israel. Since 2015, AVP has supported more than 40
companies in the Early and Growth stages with a focus on the following verticals: digital health,
cyber-security, enterprise software, artificial intelligence, fintech/insurtech, most recently
including investments in early stage companies such as Hackajob, K4Connect, Futurae and
growth stage companies like Zenjob, Phenom People and Happytal.
Francois Robinet, AVP Managing Partner, said: “This fundraise was completed at a record speed
with existing and new investors. This is a strong vote of confidence for our team and strategy,
and a recognition of what has been achieved with our first Early Stage Fund. We plan to hold
Paris – London – New York – San Francisco – Hong Kong
a second closing with additional new investors. This fundraise strengthens AVP’s positioning as
a leading player for ambitious entrepreneurs across Europe and North America.”

ABOUT AVP
AXA Venture Partners (AVP) is a venture capital fund investing in high-growth, technologyenabled
companies. AVP has built a unique investment platform specialized in tech investments
with $600 million of assets under management through three pillars of investment expertise:
Early Stage Fund, Growth Stage Fund and Fund of Funds. To date, AVP has invested in 40 Early
and Growth equity deals and 6 Fund investments. AVP team operates globally backed by offices
in San Francisco, New York, London, Paris and Hong Kong. Beyond investments, AVP provides
access to business development opportunities helping portfolio companies to scale globally
and accelerate their growth.

ABOUT THE AXA GROUP
The AXA Group is a worldwide leader in insurance and asset management, with 160,000
employees serving 105 million clients in 62 countries. In 2017, IFRS revenues amounted to Euro
98.5 billion and IFRS underlying earnings to Euro 6.0 billion. AXA had Euro 1,439 billion in assets
under management as of December 31, 2017.

For further information, please contact:
Sébastien LOUBRY
Partner, Business Development
sebastien@axavp.com
06.15.31.61.68

Categories: News

Tags:

Cristina Stenbeck, Erik Mitteregger and Mario Queiroz will not stand for re-election in 2019

Kinnevik

Cristina Stenbeck, Erik Mitteregger and Mario Queiroz will not stand for re-election in 2019, and the Nomination Committee proposes two new Directors to the Kinnevik Board

 

Kinnevik AB (publ) (“Kinnevik”) today announced that it has been informed that Cristina Stenbeck, Erik Mitteregger and Mario Queiroz have decided not to stand for re-election to Kinnevik’s Board of Directors at the 2019 Annual General Meeting, and that the Nomination Committee will propose Susanna Campbell and Brian McBride as new Board members.

Cristina Stenbeck was elected to the Board of Kinnevik in 2003 as Deputy Chairman. Over the last 16 years, she has led the transformation of Kinnevik from a mobile, media and packaging investment holding company into a leading digital growth investor. Cristina will continue to support the business and influence material strategic matters in her role as an active owner. She will also continue to lead the Nomination Committee work together with her partners.

James Anderson, Member of the Nomination Committee, commented:

“On behalf of all shareholders, this is a moment to reflect on the extraordinary commitment, energy and leadership that Cristina has provided over the last 16 years. Her willingness to take responsibility from a young age has been remarkable and the many achievements of the company she has led have been admirable. We are confident that Cristina’s thoughts and ambitions and her backing as principal shareholder will continue to be deeply beneficial to Kinnevik, to its now established management team, and to our work on the Nomination Committee.”

Susanna Campbell currently serves as Chairman of Röhnisch Sportswear, Ljung & Sjöberg, and Babyshop Group. She is currently a Board member of Telia Company, Indutrade, Northvolt and Nalka Invest, as well as a member of Norrsken’s Investment Committee. Between 2012-2016, she was the Chief Executive Officer of Swedish investment firm Ratos, having joined the company in 2003 from McKinsey & Co. Susanna holds an MSc from Stockholm School of Economics.

Brian McBride is the former Chairman of ASOS, the global online fashion and beauty retailer. He is currently a non-executive director of Wiggle, a private-equity owned online cycling and apparel business, and of AO World, an online retailer specializing in household appliances. Brian also sits on the UK government’s Government Digital Service Advisory Board, supporting the delivery of digital quality public services, is a senior adviser at Lazard, and a member of the Advisory Board of Scottish Equity Partners. Prior to assuming Chairmanship of ASOS, Brian was the Managing Director of Amazon UK, and prior to that the Managing Director of T-Mobile UK.

Cristina Stenbeck, Chairman of the Nomination Committee, commented:

“The Nomination Committee is pleased to be able to propose the elections of Susanna Campbell and Brian McBride. Susanna brings experience from different stages of private investing in sectors like e-Commerce, Healthcare and TMT. Susanna has also agreed to serve as Chairman of the Board’s Remuneration Committee, and will join its Audit Committee. In Brian McBride, Kinnevik will have a Director with an exceptional operational background from e-Commerce and TMT, drawing on his experience at companies such as ASOS, Amazon and T-Mobile. The Board looks forward to leveraging Brian’s insights gained during his distinguished career.”

Cristina Stenbeck continued:

“Susanna will replace Erik Mitteregger, who joined Kinnevik’s Board already back in 2004. During his 15-year tenure Erik has consistently stood for value creation for all shareholders, the systematic release of capital through consolidation, and the re-allocation of capital into growth companies. In a fast-changing environment, he has driven important strategic initiatives that have come to define Kinnevik during these eventful years. Mario Queiroz has after three years on the Board of Kinnevik also decided not to stand for re-election. Mario has since joining the Board contributed with valuable perspectives on the importance of technological and product platforms within Kinnevik’s investee companies. For this, I am joined by the many who thank them.”

The Nomination Committee’s complete proposals will be presented in the notice convening Kinnevik’s Annual General Meeting to be held on 6 May 2019. The Nomination Committee comprises Cristina Stenbeck appointed by Verdere S.à r.l. and Camshaft S.à r.l., Hugo Stenbeck appointed by AMS Sapere Aude Trust, James Anderson appointed by Baillie Gifford, Ramsay Brufer appointed by Alecta, and Marie Klingspor.

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 18 January 2019.

Categories: People

Tags:

Changes in Ratos’s management group

Ratos

Ratos is carrying out changes in its management group, meaning that it will now consist of:

Jonas Wiström, CEO
Helene Gustafsson, Head of IR and Press
Henrik Lundh, Vice President (new member since January 2019)
Anders Slettengren, Vice President
Magnus Stephensen, General Counsel
Peter Wallin, CFO (new member since December 2018)

Robin Molvin, Vice President and previous member of the management group, and Johan Rydmark, Director, are leaving Ratos. Meanwhile, Henrik Lundh has been appointed as Vice President and member of the management group.

“I look forward to welcoming Henrik Lundh as a member of Ratos’s management group, where I’m sure that his experience and knowledge will be of immense benefit in the future.

I want to extend a sincere thanks to Robin Molvin, whose important work with several of our portfolio companies throughout his many years here at Ratos has created significant value. Over the years, Robin has strengthened and assumed responsibility for Ratos’s presence in Denmark, which was the driving factor behind the acquisition of airteam and Oase Outdoors. At airteam, Robin has led the company’s growth journey and expansion into Sweden through strategic bolt-on acquisitions. I also want to thank Johan Rydmark, whose previous investment responsibilities at the portfolio companies Nebula and Serena, and previous operational development of portfolio companies such as Stofa, have created important value for Ratos”, says Jonas Wiström, CEO of Ratos.

The changes will take effect as of today, 17 January 2019.

For further information, please contact:
Jonas Wiström, CEO, Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, Ratos, +46 8 700 17 98

About Ratos:
Ratos owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable operational development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 12 medium-sized Nordic companies and the largest segments in terms of sales are Construction, Industrials and Consumer goods/Commerce. Ratos is listed on Nasdaq Stockholm and has approximately 12,300 employees.

Categories: People

Tags:

Blackstone Hires Jon Korngold to Lead New Growth Equity Investing Platform

Blackstone

New York, January 14, 2019 – Blackstone (NYSE:BX) today announced that Jon Korngold, a former senior leader at General Atlantic, will join the firm as a Senior Managing Director and head of Blackstone’s Growth Equity investing platform. Jon will be responsible for building and running this new platform which will provide capital to companies during the critical phase between venture capital investments and traditional buyouts.

Stephen A. Schwarzman, Blackstone Chairman, CEO and Co-Founder, said: “We are very pleased to welcome Jon Korngold to Blackstone and announce the launch of our growth equity platform.  This is a highly synergistic expansion area for the firm and a natural extension of our existing businesses. We are pleased to be growing in this area with a dynamic industry veteran like Jon, who has a successful track record investing in and building scale businesses.”

Jon Gray, Blackstone President & COO, said: “Expansion into growth equity investing represents a compelling opportunity for the firm and our Limited Partners.  Jon is the ideal leader for this new platform. He will build upon Blackstone’s capabilities and strengthen all of our investing businesses through his deep expertise in the rapidly evolving technology sector.”

Jon Korngold added: “I am pleased to join Blackstone as it expands into growth equity investing. The firm has a strong history of successfully innovating into new business areas and I am excited about the opportunity to build a world-class investing platform. The scale, geographic reach and global operating resources that Blackstone can provide fast-growing companies are unparalleled, and will be a real competitive advantage.”

At General Atlantic, Mr. Korngold was a member of the firm’s Management Committee, Chairman of the Portfolio Committee and Global Head of the firm’s Financial Services and Healthcare sectors.  In his 18 years at General Atlantic, he sourced and executed billions of dollars of growth equity investments across the technology services, enterprise software, healthcare, financial services and consumer sectors.  For each of the last three years, Mr. Korngold was ranked #1 among investors on Institutional Investor’s “Fintech Finance 40” list, which recognizes top dealmakers in the financial technology industry. Prior to General Atlantic, he worked in Goldman Sachs’ Principal Investing and M&A groups in London and New York.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $457 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Contact
Matt Anderson
+1-212-390-2472
matthew.anderson@blackstone.com

Categories: People

Tags:

US-based Advisors Asset Management appoints Kames for global sustainable equities

Kames Capital

Advisors Asset Management, a US-based investment manager, has strengthened its investment offering with the appointment of Kames Capital as Portfolio Consultant for a new unit investment trust (UIT).

The Kames Sustainable Equity Portfolio will be available to US investors and will seek to provide above average total return by investing in a portfolio of securities selected by Kames Capital, the Portfolio Consultant to the UIT.

Craig Bonthron and Neil Goddin of Kames Capital’s Edinburgh-based global equity team will recommend stocks for the portfolio. The team has a high-conviction stock-picking approach and invests globally across the market-cap spectrum.

Commenting on the appointment, Richard Stewart, Executive Vice President and Head of UIT Product Management for Advisors Asset Management, said:

“We are excited to partner with Kames Capital, a best-in-class asset management firm and a global leader in sustainable investing. We also look forward to growing our relationship with Kames Capital and to all the possibilities that lie ahead.”

Martin Davis, CEO of Kames Capital and Head of Europe for Aegon Asset Management, said:

AAM martin quote

About Advisors Asset Management

Established in 1979, AAM has become a highly respected financial force providing complete portfolio solutions tailored to the individual needs of financial professionals and their clients.

For nearly 40 years, AAM has been a trusted resource for financial advisors and broker/dealers. It offers access to Unit Investment Trusts (UITs), open- and closed-end mutual funds, separately managed accounts (SMAs), structured products and the fixed income markets, as well as portfolio analytics and exchange-traded funds (ETFs).

As of September 30, 2018, the brokerage and advised business at AAM represents approximately $26.1 billion in assets.

Categories: News

Tags:

Kepler Cheuvreux initiates coverage of Altamir

Altamir

Paris, 9 January 2019 – Kepler Cheuvreux, a leading independent European financial services company specialized in research, execution and advisory services, has initiated the equity research coverage of Altamir with a report entitled « A pass for Apax ».

Altamir is also covered by Oddo BHF, HSBC and Jefferies.

The financial report released today by Kepler Cheuvreux is available on the website www.keplercheuvreux.com under « Research Public Access ».

 

 

About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of around €900m. Its objective is to provide shareholders with long term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir’s investment policy is to invest via and with the funds managed or advised by Apax Partners France and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in Continental European countries and larger companies across Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as an SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

For more information: www.altamir.fr

Categories: News

Tags: