Strategy Amundi and Victory Capital become strategic partners

Amundi and Victory Capital today announce the closing of their previously announced transaction.

In line with the agreement announced on 9 July 2024[1]:

  • Amundi US has been combined with Victory Capital which is now managing close to $300bn[2] of assets
     
  • Amundi has become a strategic shareholder of Victory Capital
     
  • Amundi and Victory Capital have entered into 15-year distribution reciprocal agreements, which are now effective.
     

Under these distribution agreements, Amundi will distribute Victory Capital’s US-manufactured active asset management products outside of the US. Additionally, Amundi will be the supplier of non-US manufactured products for Victory Capital’s distribution in the US.

As consideration for the Amundi US business, Amundi received a total of 17.6 million shares at closing, or 21.2% of equity[3] in Victory Capital.  As the post-closing transaction adjustments progress and in accordance with the contribution agreement, we anticipate Amundi’s total equity interest to reach 26.1%3 in the following months.

The transaction, which does not include any cash consideration, is expected to result in a material increase in the contribution from US operations to Amundi’s results, leading to a low single-digit accretion of the adjusted net income and EPS of Amundi.

Valérie Baudson

Member of Executive Committee of Crédit Agricole S.A., Chief Executive Officer of Amundi
Thanks to this transaction with Victory Capital, Amundi’s clients can access a broader range of high-performing US investment solutions, while we are looking forward to providing Victory Capital’s clients with Amundi’s expertise and products. With this value-creating deal, Amundi has strengthened its presence in the US via a larger US investment and distribution platform.

Contact

Corentin Henry

Head of Press Relations and Social Media

[1] See press release available on https://about.amundi.com

[2] Figure as of February 28,2025

[3] 4.9% of voting rights

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  • 04.01.25

    04.01.2025 - PR - Amundi and Victory Capital become strategic partners

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About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players1, offers over 200 million investors a complete range of savings and investment solutions in active and passive management, in listed and private assets. Developed for a range of distributors (banks, wealth managers, financial advisors…) as well as for institutional investors and corporates, this offering is enhanced by services and technology tools covering the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.6 trillion of assets2.

Its six international investment hubs3, its financial and extra-financial research capabilities and its long-standing commitment to responsible investment make Amundi a leading player in the international asset management landscape.

Thanks to its strong local presence, particularly in Europe and Asia, Amundi offers its clients the expertise and advice of 5,400 professionals across 34 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

www.amundi.com

Footnotes

  1. Source: IPE “Top 500 Asset Managers” published in June 2026, based on assets under management as at 31/12/2025
  2. Amundi data as at 30/06/2026
  3. Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

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