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Exhibit 99.1
Nvest Companies, L.P. 617 578-3500
399 Boylston Street
Boston, Massachusetts 02116
NVEST
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact: Laurence J. Dwyer 617/578-1686
Wendy E. Devine 617/578-1884
FRENCH FIRM, CDC ASSET MANAGEMENT, TO ACQUIRE NVEST, L.P. FOR $40 PER UNIT;
NVEST WILL CONTINUE TO OPERATE INDEPENDENTLY AND
WILL UTILIZE CDC'S RESOURCES TO EXPAND GLOBALLY
BOSTON (June 16, 2000) -- Nvest, L.P. (NYSE: NEW), its operating
partnership, Nvest Companies, L.P., and CDC Asset Management, the leading French
institutional money management company announced today that they have reached a
definitive agreement for CDC Asset Management to acquire all the outstanding
units of Nvest, L.P. and Nvest Companies, L.P. for $40 per unit. The transaction
values the firm at $2.2 billion, including the firm's $311 million in funded
debt and includes the 48 percent ownership of MetLife and the general partner of
the partnership.
CDC Asset Management is the investment management arm of France's
Caisse des depots Group (CDC). Founded in 1816, the Paris-based CDC is a major
diversified financial institution with a strong global presence in the banking,
insurance, investment banking, asset management and global custody industries.
Among CDC Asset Management's shareholders are CDC Finance, the investment
banking arm of CDC; Caisses d'epargne, the French savings bank network; and CNP
Assurances, France's leading life insurer. When the transaction is completed,
the combined firm will have over $300 billion in assets under management, as of
March 31, 2000, making it one of the top twenty money managers in the world and
one of the top ten in Europe.
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Nvest will be renamed CDC Asset Management-North America. It will
continue to utilize the holding company structure and Nvest affiliates will
retain their investment independence, brand names, management and operating
autonomy. Peter S. Voss will continue as Chief Executive Officer of the company
and its North American operations and will serve on the Executive Board of CDC
Asset Management. Daniel Roy, Chairman of the Executive Board of CDC Asset
Management, will be Chairman of CDC Asset Management-North America.
"We are extremely happy today to announce that we will be joining
forces with one of the most important financial institutions in Europe," said
Mr. Voss. "We have compiled a strong record of growth during the last seven
years and will continue to aggressively expand our business in the U.S. We do,
however, believe it is essential for us to have a strategic partnership with a
major international firm and be part of a truly global firm. Our partnership
with CDC Asset Management will enable us to compete more effectively in the
growing market for global investment products, both institutional and
individual, that is sweeping across Europe and Asia."
"In many ways, CDC Asset Management is the ideal partner for us," Mr.
Voss added. "It is part of a major financial services firm in one of the largest
economies in Europe and has already laid the foundation for a strong presence in
other European markets. We, of course, have a solid base of business in the U.S.
and the combined firm is well positioned to build on both of our initial efforts
in Asia. CDC Asset Management's expertise in European equity and fixed income
management will be a great complement and resource for our premier group of U.S.
investment management firms. Their distribution channels will be able to utilize
our wide breadth of products for its client base, particularly in the pension,
defined contribution and mutual fund businesses. Together, the combined company
will be able to offer a comprehensive range of global products."
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"The acquisition of Nvest is an important part of our strategy to
become a global management house," said Gerard Barbot, Chairman of the
Supervisory Board of CDC Asset Management. "Nvest represents an ideal partner
for us in the U.S. that significantly enhances our global asset management
capabilities with several highly respected brand names and premier products.
This transaction offers attractive potential synergies with our current asset
management, as well as our distribution partners in Europe and Asia." Daniel
Roy, Chairman of the Executive Board added, "We are also happy to have found
first-class teams of investment professionals largely recognized for the quality
of their portfolio management. In addition to enhancing our presence in the
U.S., we are convinced that we will be able, together with Nvest, to widen our
product range, including a multi-manager offering and to boost the development
of our Asian activities and therefore to better serve our European, U.S. and
international clients."
Nvest will continue to work closely with its former unitholder,
MetLife, to provide its clients with strong investment products. Said Mr. Voss,
"Nvest has built a strong relationship with MetLife, beginning with our early
roots at New England Financial. We provide investment services for a large
number of its products and platforms and MetLife will remain a large and
important client. MetLife is one of the top financial services firms in America
and we remain committed to performance for current products and to providing new
and competitive investment opportunities for its various platforms."
The transaction is subject to the approval of Nvest unitholders, as
well as regulatory and client approvals. The price is subject to adjustments and
conditions set forth in the agreement. The firms expect to complete the
transaction before the end of the year. Nvest anticipates paying 80 percent of
its operating cash flow in distributions until the transaction is completed.
Credit Suisse First Boston represented Nvest and Donaldson, Lufkin & Jenrette
represented CDC Asset Management on the transaction.
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With $170 billion of assets under management, CDC Asset Management is
France's foremost institutional investment manager and among the top fifteen in
Europe. The firm provides a large array of investment management services to
European and international, mostly institutional, clients. Based in Paris, the
company has subsidiaries in Frankfurt, Tokyo and Singapore.
Through its partnership with Nvest Companies, L.P., Nvest has 18
affiliates and divisions with $134 billion in assets under management, as of
March 31, 2000. These affiliates and divisions offer a wide array of investment
styles and products to institutional and individual clients. They are: AEW
Capital Management; Back Bay Advisors; Capital Growth Management; Harris
Associates; Jurika & Voyles; Kobrick Funds; Loomis, Sayles & Co.; Nvest Advisor
Services; Nvest Associates; Nvest Funds; Nvest Managed Account Services Company;
Nvest Retirement Services; Nvest Services Company; Reich & Tang Capital
Management; Reich & Tang Funds; Snyder Capital Management; Vaughan, Nelson,
Scarborough & McCullough; and Westpeak Investment Advisors.
Certain statements in this news release may constitute forward-looking
statements within the meaning of the federal securities laws. Such statements
should be considered in light of the risks and uncertainties associated with
Nvest, L.P. and Nvest Companies, L.P. and their businesses; economic and market
conditions prevailing from time to time; and the application and interpretation
of federal and state tax laws and regulations, all of which are subject to
material changes and which may cause actual results and the timing of certain
events to vary materially from what had been anticipated. Certain factors that
affect Nvest, L.P. and Nvest Companies, L.P. have been described in Nvest,
L.P.'s public filings, including its Annual Report on Form 10-K for the year
ended December 31, 1999, particularly under Item 1, "Business - Forward-Looking
Statements," and include factors such as conditions affecting fee revenues,
reliance on key personnel, competition, regulatory and legal factors, and tax
considerations. Readers are encouraged to review these factors carefully.
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NVEST, L.P.
FACT SHEET
- A limited partnership, Nvest, L.P. is listed on the New York Stock
Exchange under the symbol NEW. Nvest Companies, L.P. is its operating
partnership.
- Headquartered in Boston
- $134 billion in assets under management
- $87 billion in institutional accounts, primarily pension and other
tax exempt accounts
- $10 billion in private accounts
- $37 billion in mutual funds
- Mutual Funds:
- 25 load mutual funds offered by Nvest Funds
- 22 money market and short-term funds and 2 equity mutual funds managed
by Reich & Tang and marketed primarily through financial institutions,
often under their own names
- 18 no-load mutual funds and 9 investment trusts offered by Loomis,
Sayles & Company
- 7 no-load mutual funds offered by Harris Associates/The Oakmark Funds
- 3 load mutual funds managed by Kobrick Funds and distributed through
Nvest Funds
- 3 no-load mutual funds offered by Jurika & Voyles
- 6 distribution and services units
- 1,585 employees
- Located in 14 cities
- Business units and affiliates include:
AEW Capital Management Back Bay Advisors Capital Growth Management
Harris Associates Jurika & Voyles Kobrick Funds Loomis, Sayles &
Company Nvest Advisor Services Nvest Associates Nvest Funds Nvest
Managed Account Services Nvest Retirement Services Nvest Services
Company Reich & Tang Capital Management Reich & Tang Funds Snyder
Capital Management
Vaughan, Nelson, Scarborough & McCullough
Westpeak Investment Advisors
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CAISSE DES DEPOTS GROUP (CDC)
FACT SHEET
- Founded in 1816 by Louis XVIII to safeguard private deposits from
government abuse.
- AAA rated, French state-owned public sector institution
- Operates under the supervision of an independent Supervisory Board, made up
of representatives of the French Parliament, the judiciary, the French
Treasury and the Governor of Banque de France, the country's central bank.
- 32,000 employees
CDC AFFILIATES
CDC ASSET MANAGEMENT
- France's leading institutional investment manager and one of the Top 15 in
Europe
- Headquartered in Paris
- Specializes in investment services primarily for French institutions,
corporations, high net worth investors and third party distributors
- Products include European equities and bonds, asset allocation funds,
emerging equities and bonds, enhanced money market funds and guaranteed
products
- 178 billion euros in assets under management, as of March 31, 2000:
- 59% Fixed Income
- 21% Equities
- 20% Money Market
- Client Base (based on fees):
- 34.9% Distribution Networks
- 34.8% Banks and Institutions
- 27.7% Insurance Savings Banks
- 2.6% Other
- Five affiliates:
- CDC Asset Management-Japan (Tokyo)
- CDC Asset Management-Asia (Singapore)
- CDC Asset Management-Deutschland (Frankfurt)
- Caspian Asset Management (New York)
- CIMCO (New York)
- Ownership:
- 60% owned by CDC Finance
- 20% owned by CNP Assurances
- 20% owned by Caisse Nationale des Caisses d'Epargne (CNCE), the
state-owned savings bank
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CDC
FACT SHEET
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CNP ASSURANCES (CNP)
- The leading life insurance company in France and the fourth largest in Europe
- 110 billion euros in assets under management as of December 31, 1999.
- 14 million policy holders
- Ownership:
- 23% publicly owned
- 40% owned by CDC
- 37% owned by various distribution networks and commercial partners
CAISSE NATIONALE DES CAISSES D'EPARGNE (CNCE)
- State-owned savings bank and the largest banking network in France
- 35% owned by CDC
- Manages 239 billion euros in French savings funds
- 21 billion euros in mutual fund assets managed by CDC Asset Management for
Ecureuil Gestion, the fund management arm of CNCE.
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