Major maneuvers in European asset management, with a French game for Lyxor-branded ETFs. The board of directors of Societe Generale, which met yesterday, has, in fact, approved the start of exclusive negotiations with Amundi (one of the main European asset management companies controlled by Crédit Agricole) for the sale of the assets of the subsidiary Lyxor for a figure equal to 825 million euros (equal to 755 million euros excluding excess capital).
“This selling proposition relates to the passive (ETF) and active (including alternative) management activities that Lyxor carries out for institutional clients in France and internationally. The perimeter of the operation would include the sales and support functions dedicated to these activities ”, reads the official press release of the transalpine bank.
The sale, in detail
Societe Generale explains that the sale, which should be finalized by February 2022, provides for a price of 825 million euros and it would have a positive impact estimated at around 18 basis points on the group’s Cet1 ratio upon completion of the transaction. The capital gain after tax, which would be recognized upon completion of the transaction, would be approximately 430 million euros.
This agreement is part of Societe Generale’s savings strategy, which consists of operating in an open architecture and offering its clients investment and wealth management solutions through partnerships with external asset managers. In this context, the French bank will announce the project for the creation of a “Wealth & Investment Solutions” within its bank, including the assets of Lyxor that are not part of the sale.
With Lyxor Amundi he would become the European leader of ETFs
Thanks to this acquisition, Amundi would become the European leader of ETFs, with a total of € 142 billion in assets under management, a market share of 14% in Europe. “The acquisition of Lyxor will accelerate the development of Amundi,” stressed the CEO of Amundi, Yves Perrier, in the press release. “It will strengthen our expertise, particularly in ETFs and alternative asset management, and allow us to welcome highly recognized teams.”
Founded in 1998, Lyxor pioneered ETFs in Europe and has € 124 billion in assets under management (AuM). Lyxor is one of the main players in the ETF market (77 billion euros of AuM, third operator in Europe with a market share of 7.4%) and has developed a renowned expertise in active management (47 billion euros of assets under management ).