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Amundi Acquires Austrian Asset Management Firm
French asset manager Amundi has bought BAWAG PSK Invest, the Austria-based asset management arm of BAWAG PSK, for an undisclosed sum.
French asset manager Amundi has bought BAWAG PSK Invest, the
Austria-based asset management arm of BAWAG PSK, for an
undisclosed sum.
Amundi will continue to operate INVEST out of Austria, while
BAWAG PSK will distribute Amundi Asset Management’s fund products
throughout Austria, BAWAK and Amundi said in a jointly issued
statement.
The deal remains subject to regulatory approval. Invest had a
total of €4.6 billion of assets under management as at 30 June,
encompassing 78 retail and institutional funds for BAWAG PSK
customers.
Yves Perrier, chief executive officer of Amundi, said the
acquisition was “perfectly in line” with its objective to
accelerate the group’s international development.
“And the long-term strategic distribution partnership agreement
with BAWAG PSK, one of the major banking players in Austria with
1.6 million customers, highlights our recognised expertise as a
partner of choice to provide savings solutions to the customers
of banking networks,” said Perrier.
Deutsche Bank acted as financial advisor to BAWAG PSK and BPV
Hügel served as the legal advisor. Morgan Stanley acted as
financial advisor to Amundi, and Baker McKenzie served as legal
advisor.
