Amundi has reached an agreement with Victory Capital, taking a 26% stake in the company and combining Amundi US with Victory.
Both have agreed to a 15-year distribution and services deal, with Amundi managing Victory’s US-made active asset management products for consumers outside the US and vice versa, with Victory supplying Amundi’s products made outside the US for US consumers.
The transaction is set to close at the end of 2024 or beginning of 2025. Amundi believes the deal will lead to a “material increase in the contribution” of its US arm to results, with a low single digit percentage increase to net income and earnings per share.
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Valérie Baudson, chief executive officer of Amundi, said: “The transaction will allow Amundi to strengthen its presence in the US via a larger US investment and distribution platform. It will also provide Amundi’s clients worldwide with access to a broader range of high-performing US investment solutions.
“Thanks to this transaction, Amundi will become a strategic shareholder in a US-based asset management firm with a consistent track record of development. This is a compelling proposition for our clients and our employees. It is also a value-creating deal for our shareholders.”
Victory Capital held $173.4bn in total client assets as of the end of May and is based in San Antonio Texas. It offers products such as mutual funds, ETFs and alternative investments.
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