The European asset management giant Amundi announced on Friday the completion of the acquisition of Lyxor, the asset management subsidiary of Socit Gnrale, for an amount of 825million euros.
All the necessary regulatory and competitive authorizations have been obtained. This transaction was carried out for a total price of 825million euros, two months before the scheduled date, Amundi and Socit Gnrale said in a press release.
Founded in 1998, Lyxor notably enjoys a leadership position in passive management in Europe, according to Socit Gnrale. Passive management is done via ETFs, funds that replicate a given index, such as the CAC 40, as opposed to so-called active management, when the fund itself selects the securities in which the money is placed.
Amundi, the European leader in ETF management
The sale concerns Lyxor’s passive management activities, but also active management activities for institutional clients in France and internationally, the two groups said in June. In total, 124 billion euros of outstanding are part of the concerned area, according to figures which had been given by the two groups in April.
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The acquisition of Lyxor should allow Amundi to become the European leader in ETF management, said this subsidiary of Crdit Agricole, which specializes in asset management.
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