Amundi expects a positive impact on its earnings per share from Victory Capital’s planned $7bn (€6bn) acquisition of First Eagle Investments, after the transaction closes and anticipated synergies are fully delivered.
Amundi, which holds a 27% economic interest in Victory Capital Management and is expected to remain its largest shareholder following the deal, said the transaction would strengthen the strategic rationale of its partnership with the US asset manager.
Victory Capital expects the acquisition to be materially accretive to its earnings per share, supported in particular by approximately $280m of anticipated net expense synergies, according to Amundi.
Amundi said these projected synergies would translate into a positive impact on its own earnings per share once First Eagle is fully integrated by Victory Capital.
The acquisition will create a diversified global asset manager with approximately $571bn in assets under management, spanning global multi-asset, equity, fixed income and alternative credit strategies.
Amundi said it distributes Victory Capital’s and First Eagle’s US and global strategies to clients outside the US and welcomed the continuation and further development of the distribution partnership following completion of the transaction.
Valérie Baudson, Amundi’s chief executive officer, said the two businesses were “two excellent asset managers” that Amundi knew “intimately”, adding that their combined platform was “compelling and highly complementary”.
The transaction builds on Amundi’s strategic partnership with Victory Capital established through the combination of Amundi US and Victory Capital.
The transaction, which closed in 2025, combined Amundi US with Victory Capital, which at the time managed close to $300bn in assets. Amundi became a strategic shareholder and entered into 15-year distribution agreements with Victory Capital. Under the agreements, Amundi distributes Victory Capital’s US-manufactured active asset management products outside the US, while supplying non-US manufactured products for Victory Capital’s distribution in the US.
Amundi’s total equity interest in Victory Capital was anticipated to reach 26.1% following final transaction adjustments, according to the earlier announcement.
