Press release
The synergies enabled by this integration will be in line with what was announced in
- Run-rate annual cost synergies of ~€60m (pre-tax), full impact expected in 2024
- Run-rate annual net revenue synergies of ~€30m (pre-tax), full impact expected in 2025
The integration process will take place progressively over the next two years with several steps (IT migration, legal mergers, new organization set up).
Founded in 1998, Lyxor totalizes more than €140bn1,2 in Assets under Management (AuM) and advisory. Lyxor is one of the key players in the ETF market (€95bn1 of AuM, 3rd largest player in
Thanks to this acquisition,
1. Accelerate in passive management with a target of 50% AuM growth by 2025
Firstly, the acquisition of Lyxor - the European pioneer of ETFs - propels Amundi Passive platform (ETFs, Index & Smart Beta solutions) to the position of European leading ETF provider4. Collectively the combined ETF business represents over €170bn in Assets under Management5, resulting in a UCITS ETF market share of 14% for Amundi.
The newly expanded ETF range will provide investors with efficient access to one of the largest and most comprehensive UCITS ETF range available in the market. This industry-leading range of over 300 products includes some of the most compelling strategies particularly in ESG, Climate, Thematics, Emerging markets, and Fixed income.
In a market where size and scale are critical,
The Amundi Passive platform aims to increase its Assets under Management of 50% by 2025.
Demand for passive management and ETFs in particular, has been undeniably growing over recent years among all type of investors. Their intrinsic benefits of cost efficiency and transparency supported by product innovation have contributed to confirm their value as efficient tools for both strategic and tactical asset allocation. This growth is also boosted by additional drivers such as the MIFID regulation on cost-transparency, the ESG transformation or more recently the increased digitalization of distribution channels.
- In that context,
Amundi expects in particular a strong growth in retail investor adoption both through ETF portfolio models and the acceleration of the European ETF self-directed segment especially via online platforms.
In this broad retail segment,
Amundi also anticipate growing interest from European institutional investors who are willing to increase their use of ETFs, notably for Fixed Income & ESG allocation. Amundi sees as well a strong appetite from non-European institutions as the UCITS ETF franchise proved appealing. Thanks to the group’s long-lasting footprint inAsia and presence inLatin America , and the breadth and depth of its offering,Amundi is well-positioned to establish itself as the preferred European passive providers in these regions.- Appetite for ESG has been one of the most transformational trends in the ETF and passive management segments. ETFs have emerged among all type of clients, as efficient facilitators of ESG transition.
Amundi core belief is that they will contribute to democratizing access to meaningful investing in a cost efficient way.
Amundi’s existing product lineup is enhanced with the addition of innovative products from Lyxor ETF. Most notably with the Green Bond and Net Zero Climate ETFs, the newly extended Amundi ESG & Climate UCITS ETF range will be one of the largest and most comprehensive in the market representing a market share of around 20%.
Looking ahead, responsible investing will be the primary focus for any product launches within the platform. Furthermore, in line with Amundi’s 2025 ESG Ambition plan & Net Zero commitment, Amundi ETF will aim to double the proportion of Responsible ETFs – ie. classified as SFDR 8 or SFDR 9 – available to investors, reaching 40% of the total ETF range by 2025.
This division will be headed by Arnaud Llinas.
2. Expand our leadership position in liquid alternatives with the creation of the Amundi Alternatives business line
The integration of Lyxor allows
The Liquid Alternative business is currently worth more than €23bn6, including the fast-growing Liquid Alternative UCITS Platform (€6.3bn) and the Dedicated Managed Account Platform (DMAP) business, accounting for € 16.7bn of assets.
This ambition is borne out of Lyxor’s 23-year proven track-record in the alternative industry, combined with Amundi’s global distribution footprint. This new platform is well-placed to generate long-term and resilient growth thanks to Lyxor’s historical position as a long-standing partner of trust to the best names in the global alternative investment industry, as well as to the world’s largest and most sophisticated investors.
This division will be headed by Nathanaël Benzaken.
Lionel Paquin, CEO of Lyxor, added: “Lyxor is joining
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Appendix
Since January 2022, 1st, Lyxor is a subsidiary of
Lionel Paquin, CEO of Lyxor, joins the
Arnaud Llinas, Head of ETF and Index solutions at Lyxor, takes responsibility for the ETF, Indexing, and Smart Beta business line for the consolidated perimeter within
Nathanaël Benzaken, Chief Client Officer at Lyxor, also takes responsibility for the new Alternatives business line at
In their new roles,
Florence Barjou, Chief Investment Officer at Lyxor, will become Head of investments at Crédit
Edouard Auché, General Secretary at Lyxor, is in charge of migrating Lyxor IT and operations to the
Coralie Poncet, Human Resource Director at Lyxor, is in charge of steering Lyxor employees’ integration within
All the other Lyxor businesses and country managers are reporting to the corresponding business and country managers within
In a second phase post legal operations planned for mid-2022, Lyxor will be merged into
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Lionel Paquin has been CEO of Lyxor Asset Management since 2014 and has been a member of Lyxor’s Executive Committee since
Lionel holds an engineer degree from the French
Arnaud Llinas has been Head of Lyxor ETF division since 2013. Before that he spent 5 years managing the Delta-One desk at SG Corporate &Investment Banking (SG CIB). Arnaud began his career as a risk analyst at BNP AM in the funds of Hedge Funds division in
Arnaud holds an engineering degree from the French Ecole Supérieure d’Electricité as well as a Master’s degree in Finance from
Nathanaël Benzaken has been Chief Client Officer of Lyxor since 2018. Prior to that he spent 4 years in the US as CEO of
Nathanaël holds a Master’s degree from the French KEDGE Business school as well as a Master’s degree in Finance from
Florence Barjou has been Head of Investments (CIO) at Lyxor Asset Management since 2020. Appointed Head of multi-asset investments in 2013, she became Deputy Head of the Absolute return & Solutions Team in 2014. She joined Lyxor in 2006 as a Global Macro Strategist and Portfolio Manager. Florence started her career as a senior Economist at
Florence holds a Master’s degree in Finance from
Édouard Auché is Head of Corporate, Control and Support Functions at Lyxor. He gained extensive experience in trading activities as a market operator, from 1990 to 1999 at Société Générale in
Edouard holds an engineer degree from
Coralie Poncet has been Head of Human Resources at Lyxor since 2019. Before joining Lyxor Coralie was Head of Talent Management for Société Générale CIB. Coralie joined Société Générale Corporate & Investment banking (CIB) in 2004. In 2007 she became Human Resources Business Partner for the Capital Markets Division before taking charge of labor relations with union representative bodies in 2013. She started her career at Accenture as a consultant.
Coralie holds a Master’s degree from French business school ESCP.
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About
With its six international investment hubs9, financial and extra-financial research capabilities and long-standing commitment to responsible investment,
www.amundi.com
Press contact: | Investor contacts: |
Tel. +33 1 76 37 86 05 | Tel. +33 1 76 32 17 16 Tel. +33 1 76 33 70 54 |
natacha.andermahr-sharp@amundi.com | anthony.mellor@amundi.com thomas.lapeyre@amundi.com |
1 At
2 Excluding advisory mandates not included in AuM according to
3 Source :
4 Source :
5 At
6 At
7 Subject to obtaining required authorizations, after consultation of employee representative bodies
8 Source: IPE “Top 500 Asset Managers” published in
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Attachment
- PR New ambitions following Lyxor acquisition
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