Amundi, Oddo & Cie and Kleinwort Benson Investors (“KBI”) have signed a definitive agreement for the acquisition by Amundi of an 87.5% stake in KBI, an Irish-based asset management company, from Oddo & Cie.
KBI's management team will hold the rest of the capital, i.e. 12.5%.
A subsidiary of BHF Kleinwort Benson Group, KBI is a fast-growing asset manager, specialised in equity management with total assets under management of €7.6 billion as of end of March 2016. Based in Dublin (Ireland), KBI also has operations in North America, with offices in Boston and New York.
This deal aims to develop significant synergies between Amundi and KBI:
- KBI’s global equity expertise will round out Amundi’s equity management offering;
- in return, KBI will benefit from Amundi’s commercial presence with institutional and retail clients in Europe, Asia and the Middle East.
This transaction is perfectly in keeping with the financial criteria defined by Amundi for its acquisitions, with a return on investment expected to exceed 10% within three years.
