Europe’s largest asset manager Amundi is set to buy a Swiss private markets specialist as it becomes the latest large asset manager looking to expand into the alternatives sector.
The French firm said today that it would be paying €350m (£298.3m) for Alpha Associates, which currently manages €8.5bn of assets.
The acquisition will bring Amundi to managing a combined €20bn of assets in the sector, with the firm saying that Alpha Associates has seen its assets under management grow 15 per cent annually over the last five years.
Amundi is following its mainstream peers such as T Rowe Price and Franklin Templeton in making a push into the sector. Last month, BlackRock revealed it would be buying the world’s biggest infrastructure investor.
“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,” said Valerie Baudson, Amundi’s chief executive.
“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.”
Amundi also announced its full year results today, revealing assets under management rose seven per cent throughout last year, reaching over €2trn. Investors added €26bn in money to the firm over the last year, while adjusted net income grew 3.9 per cent to €1.2bn.
Growth for the firm also continued in Asia, with assets reaching €399bn thanks to net inflows of €21bn from areas such as India and South Korea.