Amundi to list by the end of the year

French asset manager Amundi plans to list on the Paris stock exchange by the end of the year, its owners Crédit Agricole Group and Société Générale have announced.

With €7.7 bn of real estate assets under management in Europe and €954 bn in total assets, Amundi is a leading asset manager in Europe and top-10 player globally. The company was formed in 2010 by Crédit Agricole, which owns a 80% stake, and Société Générale (20%).

The two shareholders said the flotation is aimed at supporting the continued development of Amundi and providing liquidity to Société Générale, which could sell its entire stake as set out in the shareholder pact that was agreed at the time Amundi was created.

Commenting on the effects of the IPO on the property side of the business, Nicolas Simon, CEO of Amundi Real Estate, said it will improve the company’s liquidity position and enable the firm to develop new products. ‘It will help make us more international and enable us to attract new capital at a time when real estate is well positioned to draw new capital due to the good spreads relative to bonds,’ Simon told PropertyEU.

Amundi’s real estate business has really developed in the last five years, Simon added, and the company is looking to step up its activities in the US where it took over institutional asset manager Smith Breeden Associates in 2013.

Amundi and Société Générale will continue their industrial partnership following the IPO. Amundi will remain the provider of choice for savings and investment solutions for Société Générale’s retail and insurance networks for a period of five years, subject to renewal.

Crédit Agricole intends to retain a majority stake in Amundi, which plays a key role in its development strategy.