French asset manager Amundi has entered into negotiations with Société Générale to acquire its fund management arm Lyxor in a cash deal worth €825 million.
Should the purchase be completed, it would make Amundi the second largest ETF provider in Europe behind BlackRock, with combined assets under management of €142 billion and a 14% market share.
In addition to Lyxor’s €77 billion ETF unit, Amundi will also acquire €47 billion of actively managed assets which are mainly invested in alternatives.
The deal, which is expected to conclude by February 2022 at the latest will be one of the last acts of chief executive Yves Perrier (pictured), who is set to become chairman in May.
Perrier said that the deal will not only “accelerate the development of Amundi in ETFs and alternative asset management market” but also help with the “post-Brexit positioning” of Paris as a financial centre and make France “the European leader in passive asset management”.
© 2021 funds europe