(AFP / JOEL SAGET)
The French asset manager Amundi, leader of the sector in Europe, announced the acquisition of Alpha Associate, specialist in private asset management, for 350 million euros “maximum”, on the sidelines of the publication of results annual growth.
With the acquisition of the Swiss Alpha Associate, “the objective is to increase our presence in the field of private assets in Europe” while this “market is experiencing growth”, explained Valérie Baudson, general director of Amundi.
“The maximum acquisition price will be 350 million euros”: a first “block of 160 million euros is paid now” and “the other part will be settled according to the growth of the company” over a period of time of five years, detailed the boss of Amundi, who is aiming for a return on investment greater than 13% in three years.
This is Amundi’s first acquisition since 2021, with the purchase of Lyxor AM, then a subsidiary of Société Générale, which allowed Amundi to become the European leader in ETFs, index funds listed on the stock exchange and which replicate the performance of index to which they are attached.
“It’s a very satisfactory year for Amundi,” said Valérie Baudson.
In 2023, the subsidiary of the Crédit Agricole bank recorded a net profit of 1.165 billion euros, up nearly 8.5% compared to the previous year.
Its net income, the equivalent of turnover, reached 3.122 billion euros, up a little more than 2% over one year, but lower than expected by the consensus of analysts published by the financial agency Bloomberg.
Another key indicator for the sector, Amundi’s collection is at a positive level of 26 billion euros in 2023. In financial jargon, a positive “collection” indicates that the overall amount entrusted to the asset manager is higher than the amounts that fall outside the total managed.
Furthermore, Amundi’s outstandings amount to 2,037 billion euros in 2023, up 7% year-on-year. This is the third time since its creation in 2010 that the company’s assets have crossed the threshold of 2,000 billion euros.
After France, Amundi’s largest market is Asia, where the leading contributor is India. “It’s a country in which we have an extraordinary position and which represents more than half of our total assets in Asia,” explained Valérie Baudson.
Amundi is maintaining its medium-term objectives unchanged, as part of its 2025 strategic plan announced in June 2022. “At this stage, we are completely confident in staying the course,” said the group’s CEO.