The firm announced today (7 February) that it has signed a binding agreement for the acquisition of the Zurich-based asset manager, which manages €8.5bn of assets.
Once the transaction is completed, Amundi will manage a combined €20bn of assets in the sector, with a team of over 70 experts and a multi-manager offering spanning private debt, infrastructure, private equity and venture capital.
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The deal will also provide the asset management giant with an enlarged client base, a bigger geographical footprint and reinforce the firm’s presence on secondary transactions, which it said is a relevant capability in the current market.
The transaction, expected to be completed by the third quarter of this year, will see Amundi and Alpha Associates’ multi-manager activities combined into a new business line. In the third year, the firm claimed the return on investment will be above 13%, including revenue synergies.
Valerie Baudson, chief executive officer of Amundi, said private markets have seen continued growth in recent years as investors increase their allocation and is likely to benefit from retail investor interest.
“The acquisition of Alpha Associates will thus allow Amundi to significantly broaden its client base, capabilities, and product offering, in a promising market,” she said.
“This move, which is fully in line with our strategic objective to increase our footprint in alternative and real assets in Europe, will allow us to create substantial value for our clients and shareholders.”
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Dominique Carrel-Billiard, head of alternative and real assets at Amundi, added that the multi-manager model offers “strong” resilience due to asset class and management diversification, she includes that it is suited to both retail and institutional clients.
“The enlarged Amundi alternative and real assets business will be ideally positioned to serve the needs of a growing set of clients and benefit from strong tailwinds in the industry.”
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