SEI Investments has bought Crédit Commercial de France's (CCF) 50% stake in CCF-SEI Investments, their French joint venture, becoming the first multi-manager to set up an independent local investment company in the region.

The new company, which will be called SEI Investments (France), is retaining the joint venture's managerial team. Patrick Serre, who was chief executive of CCF-SEI, becomes managing director of the new company.