On Tuesday, Amundi, the largest asset manager in Europe, announced that it had reached an agreement to sell its U.S. business to Victory Capital. As part of the deal, Amundi will receive a 26% stake in Victory Capital. No cash payment was involved in the transaction, according to Amundi.
The CEO of Amundi, Valerie Baudson, commented on the transaction and stated that it presents a unique opportunity for the company to strengthen its presence in the U.S. market. By becoming a strategic shareholder in Victory Capital, a reputable U.S.-based asset management firm with a history of growth, Amundi aims to benefit from this partnership and expand its reach and capabilities in the asset management industry.
Victory Capital, with a market capitalisation of approximately $2.7 billion and $170 billion in total assets under management, will collaborate with Amundi on reciprocal distribution agreements for a period of 15 years. This partnership is expected to enhance the reach and capabilities of both companies in their respective markets and provide new opportunities for growth and expansion in the asset management industry. Overall, the deal between Amundi and Victory Capital represents a significant strategic move that leverages the strengths and expertise of both companies to expand their presence and enhance their offerings in this competitive industry.