On Tuesday, Amundi, Europe’s largest asset manager, announced the sale of its U.S. business to Victory Capital. As part of the deal, Amundi will receive a 26% stake in Victory Capital. The transaction involved no cash payment, according to Amundi.
Valerie Baudson, CEO of Amundi, commented on the transaction and stated that it presented a unique opportunity for the company to strengthen its presence in the U.S. market. By becoming a strategic shareholder in Victory Capital, an established U.S.-based asset management firm with a history of growth, Amundi aims to benefit from this partnership and enhance its offerings in the asset management industry.
Victory Capital has a market capitalization of approximately $2.7 billion and $170 billion in total assets under management. Under this partnership agreement, both companies will collaborate on reciprocal distribution agreements for 15 years to expand their reach and capabilities in their respective markets. The deal is expected to have significant strategic implications for both companies as they leverage their strengths and expertise to expand their presence and enhance their offerings in the asset management industry.
Overall, the agreement between Amundi and Victory Capital represents a significant strategic move that aims to create new opportunities for both companies and increase their competitiveness in the global asset management industry.