French asset manager Amundi has acquired Austrian bank BAWAG’s asset management arm, BAWAG PSK INVEST.
At the same time, both the parties have also inked a long-term distribution agreement for continuing distribution of INVEST products.
Go deeper with GlobalData
Yves Perrier, Amundi chief executive, said, "This acquisition is perfectly in line with our objective to accelerate our international development."
BAWAG Invest had 4.6bn in assets under management as of June 2014, and includes 78 retail and institutional funds for BAWG customers.
Amundi, with over 800bn under management, will continue to operate Invest out of Austria, while BAWAG will distribute Amundi fund products throughout Austria through its physical and digital multi-channel distribution capacities.
