Paris-headquartered Amundi has increased its stake in the anti-benchmark boutique Tobam to 20% from 10.6%.
Amundi and Tobam entered into a strategic partnership in May 2012 that relies on Amundi’s purchase of a minority stake in Tobam as well as on a distribution agreement under which Amundi, offered its clients access to Tobam’s fund range, based on the Maximum Diversification approach.
Tobam’s president, Yves Choueifaty (pictured), and the firm’s employees will remain the majority shareholders. California Public Employees’ Retirement System (CalPERS) is another minority shareholder of Tobam since April 2011.
Amundi’s CEO Yves Perrier commented: “This strengthened partnership is in line with Amundi’s policy of offering its clients the best areas of expertise. In addition to its in-house investment management, Amundi also leverages on product capabilities created through targeted partnerships.
“Since its inception, Tobam has demonstrated excellence in its expertise and innovation. This deal also confirms Amundi’s commitment to developing the asset management industry in the Paris market with its most innovative entrepreneurs.”
Choueifaty added: “Our agreement with Amundi, a reference player in asset management, has been a springboard for the distribution of our products to prestigious clients on an international level.
“Tobam now aims to leverage this positioning acquired with these emblematic institutions to broaden its distribution to new client segments. This partnership is the ideal way for us to achieve this goal.”
Tobam managed $9bn (€8.37bn) in assets as of September 2016.