Amundi has bought a 12.8% stake Tikehau IM in a bid to boost its private debt management divisions.

Amundi has bought a 12.8 per cent stake in Tikehau IM in a bid to boost its private debt management divisions.

France-based Amundi is part of  Credit Agricole which last week outlined plans to increase assets under management in its global asset management business to €1 trillion ($1.37 trillion) by 2016, partly through the acquisition of smaller rivals. Tikehau IM is the fixed income arm of Tikehau Group.

The two companies also signed a strategic asset management partnership, Amundi said in a statement.

“Thanks to this agreement, Amundi...with more than €400 billion assets under management, reinforces its private debt funds offering, which already represents €4 billion," said Yves Perrier, chief executive officer, Amundi.

Amundi currently manages €780 billion of assets worldwide while Tikehau Group manages over €3 billion in investments and has €500 million in shareholders’ equity.

Amundi was formed in 2010 when Credit Agricole merged its asset management business with that of France's Societe Generale.