European asset manager Amundi has agreed to buy an 87.5% stake in Irish asset manager Kleinwort Benson Investors (KBI) from Oddo & Cie. The management team of KBI will own the remaining 12.5% stake.
KBI’s Sean Hawkshaw will remain in the role of CEO, while Noel O’Halloran will continue in the capacity of CIO. The firm is expected to retain all its employees.
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"The transaction is fully in line with Amundi’s financial criteria for acquisitions: the deal will be immediately accretive to Amundi’s EPS and will comply with the target of an expected return on investment superior to 10% within three years," Amundi said in a statement.
The deal is expected to be completed in the third quarter of 2016, subject to regulatory and client approvals.
Amundi CEO Yves Perrier said: "we are very pleased to add KBI as a new platform within Amundi Group. This acquisition is perfectly in line with Amundi’s strategy presented at the time of our recent IPO. It will strengthen our offer with a complementary and well-performing equity expertise, that will benefit our clients in Europe, Asia and the Middle-East."
KBI, based in Dublin, is a subsidiary of BHF Kleinwort Benson Group that was recently bought by Oddo. KBI also operates with offices in Boston and New York, and has 62 employees. The firm managed total assets of EUR7.6bn as of end of March 2016, mainly across global equity capabilities.
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