Amundi, the fund manager that is majority-owned by Crédit Agricole, is to acquire a 17.5 per cent minority equity stake in France’s TOBAM, as part of a strategic partnership.

The partnership also includes a distribution agreement under which Amundi will make TOBAM’s anti-benchmark strategies available to its clients - this will improve TOBAM's product accessibility on a global level, particularly in Europe, Asia and the Middle East, TOBAM president, Yves Choueifaty, said in a statement.

“By proposing TOBAM’s anti-benchmark strategy, Amundi - which currently manages €92 billion (about $117 billion) in equities - is strengthening its range of ‘next generation’ investment solutions,” added Yves Perrier, Amundi managing director. 

The firm said Amundi’s equity stake comes from both TOBAM employees and CalPERS, the US pension fund for Californian public sector workers.

Following the transaction, TOBAM’s capital will be held by Amundi and CalPERS, with the majority remaining in the hands of Choueifaty and employees.