French asset manager Amundi has completed the purchase of 100% of Sabadell Asset Management (Sabadell AM) after securing the regulatory nod.
The deal, worth €430m ($484.2m), was announced in January this year.
The deal forms part of a ten-year strategic alliance between the two parties, which has already launched.
The two parties have agreed on the commercial strategy and priorities.
Under the partnership, Amundi offerings will be distributed across the Spanish lender’s 1,900 branches.
Amundi CEO Yves Perrier said: “We are convinced that this new growth driver offers a solid potential for development.
“This partnership is in line with Amundi’s strategy in Europe to deliver its capabilities and resources to serve customers through retail networks.”
Amundi offers savings and investment solutions in active and passive management, traditional or real assets.
With a workforce of 4,500, the firm serves 100 million clients including retail investors, institutional investors as well as companies.
As of 31 March 2020, the firm managed over €1.5trn in assets.
Amundi believes that the deal and alliance with Sabadell will strengthen its position in Spain significantly.
Sabadell AM managed assets of €21bn at the end of this May. The figure is almost flat compared to the previous year.