Amundi completes Sabadell AM purchase
French asset management company Amundi has completed the full acquisition of Sabadell Asset Management, the investment arm of Spanish group Banco Sabadell for €430m. Furthermore,Amundi may pay up to €30m in 2024, based on the future performance of the business.
The deal, announced last January and including a 10-year strategic distribution partnership, has generated a net gain of €349m for Banco Sabadell. The two entities have already defined the commercial strategy and established priorities. Hence, a first guaranteed fund, Funds Protect 90, has been launched.
Sabadell AM managed €21bn in assets as of end May 2020, with €16.1bn deposited in Spain. In a statement, Amundi's chief executive officer Yves Perrier endorsed the “robust potential of development of this new growth leverage.” He added that the partnership will help Amundi in deploying its expertises to retail clients in Europe, in particular in Spain.
It is understood that Urquijo Gestión, an asset management boutique fully owned by Sabadell AM since the acquisition of Banco Urquijo by Banco Sabadell in 2006, remains independent and out of the deal.