Amundi and Victory Capital Forge Strategic Partnership to Expand US Investment Platform

(IN BRIEF) Amundi and Victory Capital have closed their transaction, combining Amundi US with Victory Capital—now managing nearly $300 billion in assets—and establishing a strategic partnership. Amundi has acquired a 21.2% equity stake in Victory Capital, with expectations to increase this to 26.1% soon. The deal includes 15-year reciprocal distribution agreements, enabling Amundi to distribute Victory Capital’s US active asset management products globally and supply non-US products for US distribution. The transaction, which involves no cash, is expected to enhance Amundi’s US operations and contribute to a modest increase in its net income and EPS.

(PRESS RELEASE) PARIS, 2-Apr-2025 — /EuropaWire/ — Amundi and Victory Capital have today announced the successful closing of their previously disclosed transaction, marking the formation of a strategic partnership between the two firms.

Following the agreement announced on 9 July 2024, Amundi US has now been merged with Victory Capital, which currently manages nearly $300 billion in assets. As part of the deal, Amundi has become a strategic shareholder in Victory Capital, and both companies have entered into 15-year reciprocal distribution agreements that are now in effect. Under these agreements, Amundi will distribute Victory Capital’s US-manufactured active asset management products outside the United States, while Victory Capital will supply non-US manufactured products for Amundi’s distribution within the US.

In exchange for the Amundi US business, Amundi received 17.6 million shares at closing, representing a 21.2% equity stake in Victory Capital. With further post-closing adjustments expected as per the contribution agreement, Amundi anticipates increasing its total equity interest to 26.1% in the coming months.

The transaction, which did not involve any cash consideration, is forecast to materially boost the contribution of US operations to Amundi’s overall results, resulting in a low single-digit accretion to both adjusted net income and earnings per share.

Valérie Baudson, Chief Executive Officer of Amundi, stated, “Thanks to this transaction with Victory Capital, Amundi’s clients can access a broader range of high-performing US investment solutions, while we look forward to offering Victory Capital’s clients our expertise and products. This value-creating deal has significantly strengthened Amundi’s presence in the US through an expanded investment and distribution platform.”

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 5,500 employees in 35 countries.

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

www.amundi.com

1. Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as at 31/12/2023
2. Amundi data as at 31/12/2024
3. Boston, Dublin, London, Milan, Paris and Tokyo

DISCLAIMER
“This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France.

Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their nonfulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. In particular, no assurance can be given that the expected benefits, or impact on Victory Capital’s and Amundi’s respective businesses, of the proposed transaction, including expected synergies, will be achieved; other risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.

Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures set out in this document have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer. The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.”

Media Contacts:

Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 32 26 96
corentin.henry@amundi.com

Investors Relations:

Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath
Tel. +33 1 76 32 43 92
annabelle.wiriath@amundi

SOURCE: CRÉDIT AGRICOLE