Billionaire L'Oreal Family Hires Lazard Banker for Wealth FundBy and
L’Oreal SA’s biggest investor, the Bettencourt-Meyers family, hired Lazard Ltd. managing partner Alexandre Benais to invest some of the hundreds of millions of euros in dividends paid each year by the cosmetics maker.
Benais will be deputy chief executive officer in charge of finance and investments at Tethys, the holding company that manages the Bettencourt-Meyers family wealth, according to a statement Monday. Benais was also appointed CEO of Tethys Invest, a new fund through which the family intends to make long-term investments. The 40-year-old banker will take up his position later this month.
Liliane Bettencourt is Europe’s wealthiest woman with a net worth of more than $33 billion derived from the family’s 33 percent stake in L’Oreal, the Paris-based company that controls Lancome and Garnier. She inherited her father’s stake in 1957 and retains ownership of the fortune, which has been managed by her daughter and two grandsons since 2012.
The new fund’s investments will be partly funded by L’Oreal dividends, a spokeswoman for Tethys said Tuesday. Based on the family’s holding, Tethys got about 500 million euros ($543 million) in dividend payments in 2015 and will be paid about 575 million euros this year.
Benais was among the advisers to L’Oreal when the company bought back an 8 percent holding in its stock from from Nestle SA in 2014. Before joining Lazard in 2005 he worked at Societe Generale SA.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Morgan Stanley Says Stock Slide Was Appetizer for Real Deal
- U.S. Stocks Fall With Treasuries, Dollar Climbs: Markets Wrap
- ‘No Cash’ Signs Everywhere Has Sweden Worried It’s Gone Too Far
- U.S. Pays Up to Auction $179 Billion of Debt in a Span of Hours
- Walmart Tumbles After Slowing Online Growth Jolts Investors