Amundi, Europe’s largest asset manager, announced on Tuesday that it has 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 in exchange for the U.S. business, with no cash payment involved.
Valerie Baudson, Amundi’s CEO, stated that the proposed transaction with Victory Capital presents 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 strong growth record, Amundi aims to enhance its position in the industry.
Victory Capital, with a market capitalization of approximately $2.7 billion and managing $170 billion in total assets, will benefit from the partnership with Amundi. In addition to the stake exchange, the agreement includes reciprocal distribution agreements between Amundi and Victory Capital that will span 15 years.
This strategic move reflects Amundi’s commitment to expanding its global reach and enhancing its competitive edge in the asset management sector. With the partnership with Victory Capital, both companies aim to leverage their strengths and capabilities to drive growth and deliver value to their clients.