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Amundi and Victory Capital become strategic partners

Paris, France, April 1, 2025 by Amundi

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, Chief Executive Officer of Amundi, commented: “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.”

Footnotes

 

  1. ^ [1] See press release available on https://about.amundi.com
  2. ^ [2] Figure as of February 28,2025
  3. ^ [3] 4.9% of voting rights
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Expert
Valérie Baudson

Valérie Baudson

Member of Executive Committee of Crédit Agricole S.A., Chief Executive Officer of Amundi

Valérie Baudson is Deputy Chief Executive Officer of Crédit Agricole S.A. in charge of the asset management division and a member of the Executive Committee of Crédit Agricole SA since May 202[...]

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Corentin Henry

Head of Press Relations and Social Media

About Amundi

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players[1], offers its 100 million clients - retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.2 trillion of assets[2].

With its six international investment hubs[3], financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,700 employees in 35 countries.

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

www.amundi.com 

Footnotes

 

  1. ^ [1] Source: IPE "Top 500 Asset Managers" published in June 2024 based on assets under management as of 31/12/2023
  2. ^ [2] Amundi data as at 31/03/2025
  3. ^ [3] Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

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