Banco Sabadell has reached an agreement to sell its fund manager, Sabadell Asset Management, the French group Amundi. In addition, both parties have closed a strategic agreement under which Amundi will market their funds through the branch network of the Spanish financial entity over the next ten years. According to have been communicated to the CNMV, the amount of the transaction amounted to 430 million euros. The Sabadell ensures a gain that could reach 30 million euros, depending on how you evolve the business.
Sabadell Asset Management manages 21.800 million euros in funding, of which the majority (16.100 million) are located in Spain. Amundi, in any case, shall not be funds of Urquijo, who manages the company, which will be transferred to the bank before closing the deal. The Sabadell stresses that the agreement with the management company, leader in Europe do not represent changes in the pension funds and plans already subscribed to and that, in change, will be an improvement of the indices of satisfaction and experience of their customers with new investment opportunities.
Amundi may add to 1,900 offices to its existing network in Spain, although Amundi Iberia, the Spanish subsidiary, will continue to be an independent entity with respect to Sabadell Asset Management. "This partnership is a great opportunity to improve and advance the business of savings and investment", stressed mr. Josep Oliu said in a statement.Updated Date: 22 January 2020, 14:00