Paris-based merger arbitrage start-up CIAM gets asset boost with €20 million IMQubator seeding


CIAM team: Frédérique Barnier-Bouchet, Catherine Berjal, Anne-Sophie d’Andlau

CIAM, the new Paris-based merger arbitrage firm set up in the second half of last year, has secured a €20 million seed investment from Netherlands-based platform IMQubator. The commitment more than doubles the start-up firm’s total assets, taking its CIAM Merger Arbitrage fund to just over $40 million.

CIAM is led by founders Catherine Berjal, Anne-Sophie d’Andlau and Frédérique Barnier-Bouchet. Berjal, the start-up’s CEO and CIO, was previously head of merger arbitrage portfolios at BNP Paribas.

COO Barnier-Bouchet developed BNP’s prime brokerage activities and later worked