Amundi, the largest asset manager in Europe, has announced that it has reached an agreement to sell its U.S. business to Victory Capital. In exchange for this sale, Amundi will receive a 26% stake in Victory Capital. The deal was completed without any cash payment involved, according to Amundi.
Valerie Baudson, CEO of Amundi, 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 offerings in the asset management industry.
Victory Capital, with a market capitalization 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 help them achieve their strategic goals more effectively.
Overall, the deal between Amundi and Victory Capital represents a significant strategic move that aims to leverage the strengths and expertise of both companies to expand their presence and enhance their offerings in the asset management industry.
In conclusion, Amundi’s decision to sell its U.S. business to Victory Capital is an important step towards expanding its presence in the U.S market while benefiting from partnering with a reputable asset management firm with growth potentials like Victory Capital