Amundi, favorite to buy the asset management of Societe Generale

Posted on Apr 1, 2021, 5:31 PMUpdated Apr 1, 2021, 5:34 PM

Back to square one ? In the end, it is Amundi which emerges as the big favorite in the process of selling Lyxor, the asset manager of Societe Generale. Its two competitors, the American State Street and the German DWS, a listed subsidiary of Deutsche Bank, have gained ground, indicate several sources confirming the information from Bloomberg. The leading European manager would therefore find himself alone in contention for the acquisition of his small competitor, which managed and advised 164 billion euros at the end of February, ten times less than Amundi.

Last summer, however, the Banque de la Défense was said to have refused to weigh the potential sale of Lyxor during negotiations for the renewal of its distribution agreement with Amundi. This allows the Crédit Agricole management subsidiary to continue to market its products to individual customers of Societe Generale. At the same time, the bank opened up its offer to other external suppliers. Societe Generale could therefore, in principle, have saved itself many months of discussions, and collect the proceeds of its sale more quickly. The price range mentioned today fluctuates around 600 to 700 million euros.

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