For 825 million euros, Amundi acquires the European leader in passive management.
The European asset management giant Amundi announced on Friday the completion of the acquisition of Lyxor, the asset management subsidiary of Société Générale, for an amount of 825 million euros. “All the necessary regulatory and competitive approvals have been obtained. This operation was carried out for a total price of 825 million euros, two months before the planned date.», Indicated Amundi and Société Générale in a press release.
Read alsoAmundi on its way to becoming a European leader in index management
Founded in 1998, Lyxor benefits in particular from a “leadership position in passive management in Europe“, According to Societe Generale. The “passive management“Is done via ETFs, funds that replicate a given index, such as the CAC 40, as opposed to management known as”active», When the fund itself selects the securities in which the money is invested. The sale concerns the passive management activities of Lyxor, but also those of active management for “institutional clients in France and abroad“, Had specified the two groups in June.
In total, 124 billion euros in assets are part of the scope concerned, according to figures given by the two groups in April. The acquisition of Lyxor should enable Amundi to become “the European leader in ETF management», Then indicated this subsidiary of Crédit Agricole specializing in asset management.