Amundi agrees to acquire asset manager Alpha Associates

Alpha Associates provides private markets multi-manager investment services.

  • Zurich-based Alpha Associates manages €8.5 billion of assets
  • The transaction is expected to be completed by Q3 of 2024
  • Amundi is a Paris-based asset manager

Amundi has agreed to acquire Alpha Associates, an independent asset manager that provides private markets multi-manager investment services.

The price is for up to €350 million. There will be an initial cash payment of €160 million and additional maximum deferred payment of €190 million, payable over the course of the next five years, subject to revenue growth.

Zurich, Switzerland-based Alpha Associates manages €8.5 billion of assets. It has a footprint in Switzerland, Germany and Austria.

Amundi’s and Alpha Associates’ multi-manager activities in private markets will be combined into a new business line as part of the transaction.

This acquisition will strengthen Amundi’s market position with a team of over 70 professionals, combined assets of about €20 billion, according to a release. It will also reinforce the presence on secondary transactions, the release added.

The return on investment will be above 13 percent in year three including revenue synergies, the release 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,” said Valerie Baudson, CEO of Amundi. “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.”

The transaction is expected to be completed by the third quarter of 2024, subject to regulatory approvals.

Amundi is a Paris-based asset manager with €12 billion of assets on behalf of institutional clients, mainly in France, Italy and Spain.