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Last updated : 28/08/2026 - 17h35
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Amundi: Victory Capital's acquisition of First Eagle by Victory Capital expected to be positive for its earnings per share

As a 27% shareholder in Victory Capital, Amundi indicates that the acquisition of First Eagle Investments for approximately 7 billion dollars will, based on the acquirer's projections, have a positive impact on its own earnings per share. The Paris-based asset manager will remain the leading shareholder of Victory Capital following the completion of the transaction.


Amundi: Victory Capital's acquisition of First Eagle by Victory Capital expected to be positive for its earnings per share

A 7 billion dollar transaction creating a platform with 571 billion dollars in assets under management

Amundi responded on August 26, 2026 to the announcement made by Victory Capital Holdings concerning the conclusion of a definitive agreement for the acquisition of First Eagle Investments, for a total amount of approximately 7 billion dollars. The combined entity would manage approximately 571 billion dollars in assets under management, divided between diversified management, equities, fixed income and alternative credit solutions. Amundi clarifies that it is a long-standing partner of First Eagle as well as a strategic and long-term partner and shareholder of Victory Capital. The group distributes the American and global strategies of both companies to its clients located outside the United States. Valérie Baudson, Chief Executive Officer of Amundi, stated: "Victory Capital and First Eagle are two leading asset managers that we know very well: we have been distributing their highly performing American and global strategies to our clients outside the United States for years." She adds that the combined platform will manage approximately 571 billion dollars in assets under management and that Amundi, as a strategic shareholder of Victory Capital and distributor of its solutions outside the United States, supports the transaction.

Amundi anticipates a positive effect on its earnings per share

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Amundi holds a 27% economic interest in Victory Capital. Based on the planned financing structure of the transaction, the group will remain the leading shareholder of the acquirer following the completion of the transaction. Victory Capital expects the transaction to have a significant accretive effect on its earnings per share, notably thanks to approximately 280 million dollars in expected net cost synergies. Based on these projections, Amundi indicates that the transaction will have a positive impact on its own earnings per share, following the complete integration of First Eagle by Victory Capital and the full realization of expected synergies. Amundi also clarifies that it expects development opportunities for its distribution partnerships following the completion of the transaction.

Amundi reiterates its positioning and assets under management

A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi manages nearly 2,600 billion euros in assets under management, according to data as of June 30, 2026. The group relies on six international management platforms, located in Paris, London, Dublin, Milan, Tokyo and San Antonio, the latter through its strategic partnership with Victory Capital. Amundi has 5,400 professionals spread across 34 countries and serves more than 200 million investors through a range of solutions in active and passive management, in listed or private assets.



Sector Banque / Assurance · Services financiers · Assurance diversifiée Gestionnaires d'Actifs et Dépositaires


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Context

Period
  • Period: T3/9M 2025
Guidance from the release
  • Au troisième trimestre, Amundi a prolongé les dynamiques positives avec une collecte de +15 Md€, une hausse des revenus de +5% et une progression du résultat avant impôt de +4 %.
  • Collecte soutenue (9M +67 Md€, T3 +15 Md€), encours record 2 317 Md€, croissance des revenus (+4,9 % 9M ajusté), forte progression d'Amundi Technology (+48% 9M/9M) et bonne dynamique des ETF (+28 Md€ 9M). Résultats ajustés en hausse: résultat avant impôt ajusté 9M 1 340 M€, résultat net ajusté 9M 978 M€.
Risks mentioned
  • Incertitude sur le renouvellement du contrat de distribution UniCredit à échéance juillet 2027
  • Risque de change: effet défavorable du dollar US (-12%) et de la roupie indienne (-15%) sur les encours
  • Risque de réallocation de l'EPFO pouvant entraîner sorties pour SBI FM (30-40 Md€ évoqués)
  • Volatilité des marchés pouvant impacter les encours et la collecte
Opportunities identified
  • Croissance en Asie (collecte 9M +29 Md€, forte contribution des JV et distribution directe)
  • Distribution Tiers et plateformes digitales (collecte 9M +21 Md€, 34% de la collecte via plateformes digitales)
  • ETF (collecte 9M +28 Md€, encours ETF > 300 Md€)
  • Amundi Technology (revenus 9M 81 M€, +48% 9M/9M) et intégration aixigo
  • Actifs privés et stratégies Megatendances (levée Mégatendances III 0,3 Md€)

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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