The European asset management giant Amundi announced on Friday the completion of the acquisition of Lyxor, the asset management subsidiary of Société Générale, for an amount of 825 million euros.
“
All the necessary regulatory and competitive approvals have been obtained.
This transaction was carried out for a total price of 825 million euros, two months ahead of schedule,
”Amundi and Société Générale indicated in a press release.
Read alsoAmundi on its way to becoming a European leader in index management
Founded in 1998, Lyxor notably benefits from a “
leadership position in passive management in Europe
”, according to Société Générale. “
Passive management
” is done via ETFs, funds which replicate a given index, such as the CAC 40, as opposed to so-called “
active
” management, when the fund itself selects the securities in which the money is placed. . The sale concerns the passive management activities of Lyxor, but also those of active management for "
institutional clients in France and abroad
", the two groups had specified in June.
In total, 124 billion euros in assets are part of the scope concerned, according to figures given by the two groups in April.
The acquisition of Lyxor should allow Amundi to become "
the European leader in ETF management
," said this Crédit Agricole subsidiary specializing in asset management.
