Amundi Asset Management has announced an agreement to acquire an 87.5% stake in Kleinwort Benson Investors (KBI) from Oddo & Cie.
The remaining 12.5% will be acquired by the management team of KBI. The transaction is subject to regulatory approval and is expected to close during the third quarter of this year.
KBI is a branch of BHF Kleinwort Benson Group that was recently acquired by the Oddo group. It is headquartered in Dublin, with offices in Boston and New York employing 62 people.
It has €7.6bn of assets under management as of 31 March 2016, mainly across global equity capabilities. In detail, North America forms 52% of the firm’s assets under management by client domicile, while Ireland and UK account together for 26%, Continental Europe 14% and Asia 8%.
Paris-based Amundi is among the top ten asset managers worldwide with €987bn in assets under management, as of 31 March 2016.
In a joint press release, both companies said KBI will retain its distribution, operating and portfolio management autonomy.
Sean Hawkshaw will therefore continue as chief executive and Noel O’Halloran as chief investment officer.
Yves Perrier, chief executive of Amundi said that the acquisition is “perfectly in line with Amundi’s strategy”, whilst KBI’S chief executive, Sean Hawkshaw said that that the combination of Amundi as a majority shareholder alongside a “meaningful stake held by key employees”, offers an “ideal” ownership structure for future development.
Oddo & Cie will continue to work with KBI and Amundi following the transaction. The full cost of the deal was not disclosed.