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Amundi swoops on Kleinwort Benson fund arm

The European fund giant is to buy an 87.5% stake in the Kleinwort Benson Investors.

Amundi swoops on Kleinwort Benson fund arm

European fund giant Amundi is to buy an 87.5% stake in Kleinwort Benson Investors (KBI). 

The stake is being acquired from Oddo & Cie, which acquired KBI parent BHF Kleinwort Benson at the start of the year.

Amundi, which had €987 billion in funds under management as at end of March, sees KBI's global equity expertise as complementary to its equity franchise.

KBI is headquartered in Dublin, with offices in Boston and New York and employs 62 people. It has €7.6 billion in assets under management.

Amundi chief executive officer Yves Perrier (pictured) said in a statement: ‘We are very pleased to add KBI as a new platform within Amundi Group. This acquisition is perfectly in line with Amundi’s strategy presented at the time of our recent IPO.'

He added: ‘It will strengthen our offer with a complementary and well-performing equity expertise, that will benefit our clients in Europe, Asia and the Middle-East.’

The outstanding 12.5% of the fund firm's capital will be acquired by the KBI management team. 

KBI will retain its distribution, operating and portfolio management autonomy. Sean Hawkshaw will continue as chief executive officer and Noel O’Halloran as chief investment officer.

All employees are expected to remain with the firm.

‘Amundi is a highly regarded pure play asset manager and will be a solid long term partner for KBI. We are very excited about this next step in our growth,’ Hawshaw said,

‘We believe that the combination of Amundi as a majority shareholder and a meaningful stake held by key employees offers an ideal ownership structure to continue to develop the firm while allowing us to deliver the best possible investment returns and service for our clients globally.’ 

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