Amundi Acquires Austrian Asset Management Firm

Stephen Little

27 October 2014

French asset manager , 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.