Amundi: Amundi presents new ambitions following Lyxor acquisition
Press release
Amundi presents new
ambitions following
Lyxor acquisition
London, 4 January 2022
– After 6 months of preparatory work and the finalization
of Lyxor acquisition, Amundi confirms the strategic and industrial
benefits of this project, and presents new ambitions and the
organization for two key areas of expertise: passive management and
liquid alternative investment.
The synergies enabled
by this integration will be in line with
what was announced in April 2021:
- Run-rate annual cost synergies of
~€60m (pre-tax), full impact expected in 2024
- Run-rate annual net revenue
synergies of ~€30m (pre-tax), full impact expected in 2025
The integration process will take place
progressively over the next two years with several steps (IT
migration, legal mergers, new organization set up).
Founded in 1998, Lyxor totalizes more than
€140bn1,2 in Assets under Management (AuM) and advisory. Lyxor is
one of the key players in the ETF market (€95bn1 of AuM, 3rd
largest player in Europe with a 7.7% market share3) and has
developed a recognized expertise in active management (€45bn of
AuM1), in particular through its leading alternative platform.
Thanks to this acquisition, Amundi
benefits from strong levers to
accelerate its development on the fast-growing ETF segment, while
complementing its offering in active management, in
particular in liquid alternative assets as well as advisory and
OCIO capabilities, and fiduciary management.
1. Accelerate
in passive
management with a target of
50% AuM
growth by 2025Firstly, the
acquisition of Lyxor - the European pioneer of ETFs - propels
Amundi Passive platform (ETFs, Index & Smart Beta solutions) to
the position of European
leading ETF provider4.
Collectively the combined ETF business represents over €170bn in
Assets under Management5, resulting in a UCITS ETF market share of
14% for Amundi.
The newly expanded ETF range will provide
investors with efficient access to one of the largest and
most comprehensive UCITS ETF range available in the
market. This industry-leading range of
over 300
products includes some of the most compelling
strategies particularly in ESG, Climate, Thematics, Emerging
markets, and Fixed income.
In a market where size and scale are critical,
Amundi passive platform’s reinforced AuM of more than €282bn5
signifies a major step in
anchoring Amundi
unique positioning as the European partner of choice
in passive management to both retail and
institutional clients, worldwide.
The Amundi Passive platform aims to
increase its
Assets under
Management of
50% by
2025.
Demand for passive management and ETFs in particular, has been
undeniably growing over recent years among all type of investors.
Their intrinsic benefits of cost efficiency and transparency
supported by product innovation have contributed to confirm their
value as efficient tools for both strategic and tactical asset
allocation. This growth is also boosted by additional drivers such
as the MIFID regulation on cost-transparency, the ESG
transformation or more recently the increased digitalization of
distribution channels.
- In that context, Amundi
expects in particular a strong growth in retail investor adoption
both through ETF portfolio models and the
acceleration of the European ETF self-directed segment
especially via online platforms.
In this broad retail segment, Amundi will
leverage its global firepower and deep knowledge of local market
specificities in order to partner with distributors to co-design
comprehensive and fully bespoke solutions using passive building
blocks including services such as digital and training support.
- Amundi also anticipate growing
interest from European institutional investors
who are willing to increase their use of ETFs, notably for
Fixed Income & ESG allocation.
Amundi sees as well a strong appetite from non-European
institutions as the UCITS ETF franchise proved appealing. Thanks to
the group’s long-lasting footprint in Asia and presence in Latin
America, and the breadth and depth of its offering, Amundi is
well-positioned to establish itself as the preferred European
passive providers in these regions.
- Appetite for ESG has been one of
the most transformational trends in the ETF and passive management
segments. ETFs have emerged among all type of clients, as
efficient facilitators of ESG transition. Amundi core belief is
that they will contribute to democratizing access to meaningful
investing in a cost efficient way.
Amundi’s existing product lineup is enhanced
with the addition of innovative products from Lyxor ETF. Most
notably with the Green Bond and Net Zero Climate ETFs, the
newly extended Amundi ESG & Climate UCITS ETF
range will be one of the largest and most
comprehensive in the market representing
a market share
of around
20%.
Looking ahead, responsible investing will be the
primary focus for any product launches within the platform.
Furthermore, in line with Amundi’s 2025 ESG Ambition plan
& Net Zero commitment, Amundi ETF will aim to double
the proportion of Responsible ETFs –
ie. classified
as SFDR 8 or SFDR 9 – available to investors, reaching
40% of the total ETF range by 2025.
This division will be headed by
Arnaud
Llinas.
2. Expand our
leadership position in liquid alternatives with the creation of the
Amundi Alternatives business lineThe integration of Lyxor
allows Amundi to enrich its active management capabilities with the
addition of an alternative investment expertise, giving investors
access to innovative sources of diversification and performance for
their portfolios.
Amundi has made the strategic decision
of setting up a dedicated business line for Liquid Alternatives
named “Amundi
Alternatives”, thus complementing its
range of investment solutions to best serve the needs of all of its
clients around the globe, including institutions, private and
wealth investors, and asset managers.
The Liquid Alternative business is currently
worth more than €23bn6, including the fast-growing Liquid
Alternative UCITS Platform (€6.3bn) and the Dedicated Managed
Account Platform (DMAP) business, accounting for € 16.7bn of
assets.
Amundi affirms
its position as a leader in alternative investment, with
the objective of increasing the
Alternative UCITS
platform’s AuM
by 50% by 2025 and accelerating the development of
DMAP towards institutional clients internationally.
This ambition is borne out of Lyxor’s 23-year
proven track-record in the alternative industry, combined with
Amundi’s global distribution footprint. This new platform is
well-placed to generate long-term and resilient growth thanks to
Lyxor’s historical position as a long-standing partner of trust to
the best names in the global alternative investment industry, as
well as to the world’s largest and most sophisticated
investors.
This division will be headed by
Nathanaël
Benzaken.
Valérie Baudson, CEO of
Amundi, commented: “The Lyxor acquisition is another
important step in the deployment of Amundi’s strategy. It elevates
Amundi to the 1st position of European ETF providers and enriches
our active management offering with a leading position in liquid
alternative assets. The key managers of these two businesses have
been appointed. Amundi is fully prepared to be the reference
partner on these areas of expertise for both retail and
institutional clients in Europe and in Asia, and thus to pursue its
growth in two promising markets”.
Lionel
Paquin, CEO of
Lyxor, added:
“Lyxor is joining Amundi with a remarkable business momentum across
all franchises and fully committed to new and ambitious development
goals. Driven by a unique pioneering spirit which they have always
shared, Amundi and Lyxor teams will now be working as one to build
for their clients an even stronger and more innovative leader”.
***
Appendix
Since January
2022,
1st,
Lyxor is a subsidiary of Amundi
and is integrated into the group's operations with
the following governance structure:
Lionel Paquin,
CEO of Lyxor, joins the Amundi Executive Committee.
Arnaud Llinas,
Head of ETF and Index solutions at Lyxor, takes responsibility for
the ETF, Indexing, and Smart Beta business line for the
consolidated perimeter within Amundi.
Nathanaël
Benzaken, Chief Client Officer at Lyxor, also
takes responsibility for the new Alternatives business line at
Amundi.
In their new roles, Arnaud Llinas and Nathanaël
Benzaken both report to Fannie Wurtz, member of the Amundi General
Management Committee.
Florence
Barjou, Chief Investment Officer at Lyxor, will
become Head of investments at Crédit Agricole Insurance, effective
from March 1st 2022.
Edouard Auché,
General Secretary at Lyxor, is in charge of migrating Lyxor IT and
operations to the Amundi platform, in addition to his current
duties.
Coralie
Poncet, Human Resource Director at Lyxor, is in
charge of steering Lyxor employees’ integration within Amundi, in
addition to her current duties.
All the other Lyxor businesses and country
managers are reporting to the corresponding business and country
managers within Amundi.
In a second phase post legal operations planned
for mid-2022, Lyxor will be merged into Amundi7.
* * *
* * *
Lionel Paquin
has been CEO of Lyxor Asset Management since 2014 and has been a
member of Lyxor’s Executive Committee since September 2007. Prior
to that he successively held the positions of Chief Risk Officer
and Head of Internal Control at the firm, before becoming Head of
Lyxor's Managed Accounts Platform in 2011. Before that, Lionel
Paquin served as Principal Inspector of the “Inspection Générale”
at Société Générale from June 2004. Lionel began his career in 1995
in the French Ministry of Finance as a high-ranking civil
servant.
Lionel holds an engineer degree from the French
Ecole Polytechnique as well as ENSAE (Ecole nationale de la
statistique et de l'administration économique).
Arnaud Llinas
has been Head of Lyxor ETF division since 2013. Before that he
spent 5 years managing the Delta-One desk at SG Corporate
&Investment Banking (SG CIB). Arnaud began his career as a risk
analyst at BNP AM in the funds of Hedge Funds division in London,
then later joined the market-making desk at SG CIB in 2004.
Arnaud holds an engineering degree from the
French Ecole Supérieure d’Electricité as well as a Master’s degree
in Finance from Pierre & Marie Curie University.
Nathanaël
Benzaken has been Chief Client Officer of Lyxor
since 2018. Prior to that he spent 4 years in the US as CEO of
Lyxor Asset Management Inc., Lyxor’s subsidiary in the US. Before
moving into this role he successively served as Deputy Head of the
Alternative Investments division, Head of Development of the
managed accounts platform and Head of the Hedge Fund Research &
Selection division at Lyxor. Before joining Lyxor, Nathanaël was a
manager in financial risk consulting at Arthur Andersen in
Luxembourg. He started his career in the trading room of Crédit
Agricole Toulouse in 1995.
Nathanaël holds a Master’s degree from the
French KEDGE Business school as well as a Master’s degree in
Finance from Toulouse University.
Florence
Barjou has been Head of Investments (CIO) at Lyxor
Asset Management since 2020. Appointed Head of multi-asset
investments in 2013, she became Deputy Head of the Absolute return
& Solutions Team in 2014. She joined Lyxor in 2006 as a Global
Macro Strategist and Portfolio Manager. Florence started her career
as a senior Economist at BNP Paribas.
Florence holds a Master’s degree in Finance from
Paris Dauphine University, as well as a Doctorate in Ecomonics from
Nanterre University.
Édouard Auché
is Head of Corporate, Control and Support Functions at Lyxor. He
gained extensive experience in trading activities as a market
operator, from 1990 to 1999 at Société Générale in Paris and New
York, and at Credit Suisse Financial Products in London for
interest rate derivatives, as well as in consulting (2001-2004: IBM
consulting, Head of the Financial Markets Practice Task Force).
Edouard holds an engineer degree from Ecole
Centrale Paris as well as a Master’s degree from the Florida
Atlantic University.
Coralie Poncet
has been Head of Human Resources at Lyxor since 2019. Before
joining Lyxor Coralie was Head of Talent Management for Société
Générale CIB. Coralie joined Société Générale Corporate &
Investment banking (CIB) in 2004. In 2007 she became Human
Resources Business Partner for the Capital Markets Division before
taking charge of labor relations with union representative bodies
in 2013. She started her career at Accenture as a consultant.
Coralie holds a Master’s degree from French
business school ESCP.
* * *
About AmundiAmundi, the leading
European asset manager, ranking among the top 10 global players8,
offers its 100 million clients - retail, institutional and
corporate - a complete range of savings and investment solutions in
active and passive management, in traditional or real assets.
With its six international investment hubs9,
financial and extra-financial research capabilities and
long-standing commitment to responsible investment, Amundi is a key
player in the asset management landscape.
Amundi clients benefit from the expertise and
advice of 4,800 employees in more than 35 countries. A subsidiary
of the Crédit Agricole group and listed on the stock exchange,
Amundi currently manages more than €1.8 trillion of assets10.
Amundi, a trusted partner, working every
day in the interest of its clients and society.
www.amundi.com
Press contact: |
Investor contacts: |
Natacha Andermahr |
Anthony
Mellor Thomas
Lapeyre |
Tel. +33 1 76 37 86 05 |
Tel. +33 1 76 32 17
16 Tel. +33 1 76 33
70 54 |
natacha.andermahr-sharp@amundi.com |
anthony.mellor@amundi.com thomas.lapeyre@amundi.com |
1 At 30/09/20212 Excluding advisory mandates not
included in AuM according to Amundi's methodology ; Activities from
Lyxor retained by Société Générale: structured asset management and
other activities dedicated to private banking 3 Source :
Amundi, Lyxor, ETFGI, as of September 20214 Source : Amundi,
Lyxor, ETFGI, as of September 20215 At 30/09/20216 At 30/09/20217
Subject to obtaining required authorizations, after consultation of
employee representative bodies8 Source: IPE “Top 500 Asset
Managers” published in June 2021, based on assets under management
as at 31/12/20209 Boston, Dublin, London, Milan, Paris and Tokyo10
Amundi data as of 30/09/2021
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