The acquisition will combine Alpha Associates’ capabilities with Amundi’s existing private markets multi-manager set-up comprising a dedicated team that currently manages €12bn of assets on behalf of institutional clients, primarily in France, Italy, and Spain
French asset management company Amundi has agreed to acquire Alpha Associates, a Switzerland-based independent asset manager.
Established in 2004, Alpha Associates is specialised in private markets multi-manager investment solutions, and currently manages €8.5bn of assets.
The company provides funds-of-funds capabilities in private debt, infrastructure, and private equity, to more than 100 institutional investors in Switzerland, Germany, and Austria.
The acquisition will combine Alpha Associates’ capabilities with Amundi’s existing private markets multi-manager set-up comprising a dedicated team with over 20 years of experience.
The team currently manages €12bn of assets on behalf of institutional clients, primarily in France, Italy, and Spain.
As part of the transaction, Amundi and Alpha Associates will combine their multi-manager activities in private markets into a new business line.
Alpha Associates founding partner and CEO Peter Derendinger will lead the combined business.
Derendinger said: “We are pleased to join Amundi, a major global player in the asset management industry, and play an important role in Amundi’s plan to accelerate its footprint in the private markets segment.
“We are excited to work with Amundi’s private markets team, which shares Alpha’s ambition to generate outstanding risk-adjusted performance for clients.”
Amundi said the transaction is in line with its financial discipline and strategic plan and will be significantly value accretive to revenue synergies and strong growth potential.
The transaction is anticipated to be closed by the third quarter of 2024, subject to regulatory approvals.
Amundi CEO Valerie Baudson said: “Within the asset management industry, private markets have seen sustained growth in recent years, as investors have increased their allocation to this asset class in their portfolios.
“This segment should also benefit from the appetite of retail investors for real assets investment solutions. The acquisition of Alpha Associates will thus allow Amundi to significantly broaden its client base, capabilities, and product offering, in a promising market.
“This move, which is fully in line with our strategic objective to increase our footprint in Alternative and Real Assets in Europe, will allow us to create substantial value for our clients and shareholders.”
With the acquisition, Amundi will strengthen its position as a European player, with a team of more than 70 experts, and a combined €20bn of assets under management.
It will have an enhanced multi-manager offering across private debt, infrastructure, private equity and venture capital, and an enlarged client and geographical footprint.
Also, the transaction enhances its offering of private market funds and custom-made solutions for its existing institutional clients worldwide, said the French asset management firm.
Amundi alternative and real assets head Dominique Carrel-Billiard said: “The multi-manager model is one that offers strong resilience thanks to diversification in terms of asset classes and management companies.
“In addition to the significant growth potential for the institutional clientele, it is also adapted to address the retail market.
“The enlarged Amundi Alternative & Real Assets business will be ideally positioned to serve the needs of a growing set of clients and benefit from strong tailwinds in the industry.