Amundi and Victory Capital announce plan to establish a strategic partnership

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• Amundi would be the distributor of Victory Capital’s investment offering outside of the US. This would allow Victory Capital to further expand its reach beyond the US through Amundi’s global client base, which would benefit from Victory Capital’s deep investment expertise and strong investment performance track record across a wider range of US-manufactured solutions.
• Victory Capital would become the distributor of Amundi’s non-US manufactured products in the US. As a result, Amundi would gain access to an expanded distribution platform in the US, while providing Victory Capital’s clients with its wide range of high-performing non-US investment capabilities.

The proposed transaction would enable both parties to further their respective strategic goals:

• It would allow Amundi to strengthen its access to the US market via a larger US investment and distribution platform, as well as to provide Amundi’s clients with access to a broader and even more differentiated range of US investment solutions;
• It would enable Victory Capital to strategically extend its platform with the addition of its largest Investment Franchise, which would meaningfully expand and diversify its client base both in the US and outside the US. It also would present Victory Capital with a unique opportunity to sell the combined Victory Capital and Amundi US strategies to non-US clients through Amundi’s entire global distribution network and joint ventures. Victory Capital’s clients would benefit from expanded US and non-US investment capabilities and products in complementary asset classes.

As contemplated, the transaction is expected to be accretive for the shareholders of both Victory Capital and Amundi, increasing adjusted net income and earnings per share for both companies.

The parties are working toward definitive agreement, which is expected to be announced by the end of the second quarter.

About this opportunity, Valérie Baudson, Chief Executive Officer of Amundi, commented: “The proposed transaction with Victory Capital is a unique opportunity to strengthen our presence in the US, while becoming a strategic shareholder in a reputable US based asset management firm with an excellent track record of growth. It would expand our access to top-performing US investment strategies for the benefit of our clients globally. Additionally, Amundi would greatly benefit from expanded distribution strength in the US market. The combination would provide a significant catalyst for growth for Amundi. Overall, this is a compelling proposition for our clients and our employees; it would also be a value-creating deal for our shareholders with significant prospects for both revenue growth and synergies.”