Amundi has bought Kleinwort Benson Investors from financial services firm Oddo & Cie, part of the Oddo Group.
The deal sees Amundi take a majority stake of 87.5 per cent from the Oddo Group, which recently acquired KBI, while the management team of KBI have taken the remaining 12.5 per cent.
Equity management firm KBI is a subsidiary of BHF Kleinwort Benson Group and is headquartered in Dublin with US offices in Boston and New York. The investment arm manages €7.6bn (£5.86bn) in global equities with 52 per cent of assets under management in North America in terms of client domicile and 26 per cent in the UK.
The move by Amundi is part of the firm’s plans to grow its equity franchise while KBI hopes to bolster its presence in Europe, Asia and the Middle East. KBI will remain independent in its portfolio management while Sean Hawkshaw will continue as chief executive and Noel O’Halloran as chief investment officer. There are not expected to be any job cuts.
Yves Perrier, chief executive at Amundi, says: “This acquisition is perfectly in line with Amundi’s strategy presented at the time of our recent IPO. It will strengthen our offer with a complementary and well-performing equity expertise, that will benefit our clients in Europe, Asia and the Middle-East.”
Hawkshaw adds: “Amundi is a highly regarded pure play asset manager and will be a solid long-term partner for KBI. We are very excited about this next step in our growth.
“We believe that the combination of Amundi as a majority shareholder and a meaningful stake held by key employees offers an ideal ownership structure to continue to develop the firm while allowing us to deliver the best possible investment returns and service for our clients globally.”
The agreement, which is subject to regulatory and client approval, is expected to be finalised in Q3.