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Amundi signs Lyxor acquisition agreement

France
On the 06/10/21 at 1:26PM

by

Adrien Paredes-Vanheule

Valérie Baudson, chief executive officer of Amundi, the asset management arm of French financial group Crédit Agricole, said on Thursday that the manager will sign the agreement for the acquisition of Lyxor Asset Management, the investment manager of Societe Generale, “in the next few days.” Baudson was speaking at the Amundi World Investment Forum 2021. This Friday morning, Amundi and Lyxor confirmed they have signed this agreement. The transaction is expected to be completed by the end of 2021, subject to regulatory and antitrust clearance.

Amundi's acquisition of Lyxor for a total of €825m was announced last April. The sale should include active (including alternatives) and passive management activities of Lyxor for institutional clients in and outside France. The transaction scope should also encompass marketing and support functions dedicated to these activities.

Baudson also said €1bn had been raised in three months by the joint venture Amundi and Bank of China formed. Amundi BOC Wealth Management started operations in September 2020. Moreover, the French manager's CEO said Amundi's newly born tech unit, Amundi Technology, had signed partnerships with five customers since the start of 2021. Amundi Technology had been established last March with the primary aim of closing the gap with BlackRock's tech and risk management platform Aladdin.

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