The former chairman of Edmond de Rothschild Asset Management has secured the backing of fund management heavyweight Amundi and private equity firm Eurazeo for his new holding company, which plans to invest €250 million in minority stakes in emerging asset managers.

IM Square, an asset management investment vehicle created by Philippe Couvrecelle and his former Edmond de Rothschild Asset Management colleague Jean Maunoury, officially launched this week with the backing of Amundi, Eurazeo and French private investment club La Maison, which have agreed to commit €40 million to finance the venture's initial investments, according to a statement from IM Square on Tuesday.