French asset manager Amundi will soon celebrate the second anniversary of its listing on Paris stock exchange that took place on 12 November 2015.
The firm is currently integrating Pioneer Investments and its chief executive officer Yves Perrier recently said it has done his part in the ongoing M&A activity seen in the asset management industry.
As of 2 November 2017, Amundi reached a market cap of €14.95bn, nearly the double of its estimated €7.5bn market valuation at the time of its initial public offering. Shares were being traded around €73.
A few Amundi’s first day investors were asset managers including Artemis Investment Management. Paul Casson, portfolio manager of the Artemis Pan-European Absolute Return fund, discussed the stock last 26 October in a note on the eventual impact of higher interest rates.
“Amundi are gaining new assets at a fast pace while simultaneously improving margins. This will be given a further boost in the coming months with the integration of Pioneer Investments. A lot of duplicate costs can be removed and complementary products sold through the respective legacy networks. We are very happy to have been invested since the stock was floated and intend to retain a meaningful position,” Casson commented.
The French asset manager formed 2.8% of the Artemis Pan-European Absolute Return fund as at 30 September 2017.
Another asset manager holding Amundi’s shares since its IPO in November 2015 is French boutique Moneta Asset Management. Amundi was the second largest position of the Moneta Multi Caps fund as of end of September 2017 (3,9%).
In its Q3 2017 fund review, Moneta AM’s management team said: “Amundi has been among best contributors over the period, following the share’s rise in value. The market finally measures the good performances of the company, having exceeded most goals it targeted at the time of its IPO, and the very positive effect of Pioneer Investments’ acquisition.”
According to Morningstar’s data, Fidelity Management & Research Company (FMRCo), the investment adviser for Fidelity’s family of mutual funds, ranked first among companies being invested in Amundi. The US firm held over 4.35 million shares of the French manager (2.16% of Amundi) across several strategies as of end of September 2017.
A commentary of William Bower, portfolio manager of the Fidelity Diversified International Fund, back in May 2017, highlighted Fidelity’s like for Amundi.
Discussing the six-month investment period of the fund from November 2016 to April 2017, Bower said Amundi was among the fund’s top two contributors versus the benchmark over the period.
“We bought a lot of it. Amundi, which in February acquired Pioneer Investments to increase its already-large platform in Europe, is now one of the largest asset managers in the world. The firm offers one of the lowest cost structures in fixed-income investing and lately has turned attention toward equities,” Fidelity Investments’ fund manager added.