Amundi welcomes Victory Capital’s acquisition of First Eagle Investments
Press Release
Amundi welcomes Victory Capital’s acquisition of First Eagle Investments
Paris, 26 August 2026 — Amundi, the European leading asset manager, welcomes the announcement today by Victory Capital Holdings, Inc. (“Victory Capital”) of its definitive agreement to acquire First Eagle Investments (“First Eagle”), for a total consideration of approximately $7 billion, thus creating a $571 billion diversified global asset manager (see www.ir.vcm.com), and expresses its full support for this transformational transaction.
As a long-standing partner of First Eagle and a long-term strategic partner and shareholder of Victory Capital, Amundi knows both companies extremely well. Amundi distributes the US and global strategies of both Victory Capital and First Eagle to its clients outside of the US. Amundi welcomes the continuation and further development of this distribution partnership following the closing of the transaction under Victory Capital's leadership.
Amundi's long-term strategic commitment to Victory Capital
This transaction further reinforces the strategic rationale of Amundi’s partnership with Victory Capital and the complementary nature of both companies' businesses.
Valérie Baudson, Amundi’s Chief Executive Officer, declared "We warmly welcome this transformational transaction. Victory Capital and First Eagle are two excellent asset managers that we know intimately — we have been distributing their high-performing US and global strategies to our clients outside of the US for years. Together, they form a compelling and highly complementary platform: the combined platform will manage approximately $571 billion in AUM across global multi-asset, equity, fixed income, and alternative credit solutions. As Victory Capital's strategic shareholder and the distributor of its investment solutions outside of the US, Amundi is fully supportive of this deal and looks forward to the next chapter of this partnership."
Positive financial impact expected for Amundi
As a reminder, Amundi holds a 27% economic interest in Victory Capital Management. Based on the projected financing structure of the deal, Amundi will remain the largest shareholder of Victory Capital after the closing of the transaction.
In its press release, Victory Capital expects the transaction to be materially accretive on its earnings per share, thanks in particular to approximately $280 million of anticipated net expense synergies.
Based on these projections, this transaction will result in a positive impact on Amundi's earnings per share, after full integration of First Eagle by Victory Capital and full delivery of the anticipated synergies.
About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players1, offers over 200 million investors a complete range of savings and investment solutions in active and passive management, in listed and private assets. Developed for a range of distributors (banks, wealth managers, financial advisors…) as well as for institutional investors and corporates, this offering is enhanced by services and technology tools covering the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.6 trillion of assets2.
Its six international investment hubs3, its financial and extra-financial research capabilities and its long-standing commitment to responsible investment make Amundi a leading player in the international asset management landscape.
Thanks to its strong local presence, particularly in Europe and Asia, Amundi offers its clients the expertise and advice of 5,400 professionals across 34 countries.
Amundi, a trusted partner, working every day in the interest of its clients and for society
| Press contacts: | Shareholder contacts: |
| Natacha Andermahr | Cyril Meilland, CFA |
| Tel. +33 1 76 37 86 05 | Tel. +33 1 76 32 62 67 |
| natacha.andermahr@amundi.com Corentin Henry Tel. +33 1 76 32 26 96 corentin.henry@amundi.com | cyril.meilland@amundi.com Thomas Lapeyre Tel. +33 1 76 33 70 54 thomas.lapeyre@amundi.com Annabelle Wiriath Tel. +33 1 76 32 43 92 annabelle.wiriath@amundi.com |
Disclaimer
This document does not constitute and does not form part of any offer or invitation to sell, exchange, buy or subscribe for, or any solicitation of an offer to buy, exchange or subscribe for any securities in any State or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or approval under the securities laws of such State or of this jurisdiction. No securities may be offered, subscribed for or sold in the United States of America without being registered in accordance with the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), except under an exemption or in connection with a transaction not subject to the registration requirements of the U.S. Securities Act.
The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offering of its securities in the United States of America or France.
This document may contain forward-looking statements relating to Amundi's financial position and results. These statements include projections and financial estimates based on scenarios based on a number of economic assumptions made in a given competitive and regulatory environment, assumptions about plans, objectives and expectations relating to future events, operations, products and services, and assumptions about future performance and synergies.
By their nature, they are therefore subject to known and unknown risks and uncertainties that may cause them not to materialise. Accordingly, no assurance can be given that these forward-looking statements will materially occur andAmundi's actual financial position and results could differ materially from those projected or implied in such statements.
These risks and uncertainties include, but are not limited to, the risk factors mentioned or identified in the documents made public that Amundi files from time to time with the French Autorité des Marchés Financiers, including the risk factors set out in section 5.2 "Risk Factors" of our Universal Registration Document for the fiscal year ended 31 December2025, available on the Regulated Information page of Amundi's website (about.amundi.com/regulated information).
Readers are advised to consider all of these risks and uncertainties before forming their own opinions.
Any forward-looking statements made by Amundi are made as of the date of this document. Amundi undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances, or otherwise, except as required by applicable laws and regulations.
Some of the calculated numbers (including data in millions or billions) and percentages presented in this document have been rounded. In such cases, the totals presented in this document may differ slightly from the totals that would result from the addition of the exact (unrounded) amounts of the data so calculated.
Unless otherwise stated, the sources of rankings and market positions are internal. The information contained in this document, to the extent that it relates to entities other than Amundi, or is derived from external sources, has not been reviewed by a supervisory authority, nor has it generally been subject to independent verification, and no representation or commitment is given in respect of it, and no certainty should be given as to the accuracy, the truthfulness, accuracy and completeness of the information or opinions contained in this document. Neither Amundi nor its representatives shall be liable for any decision taken or negligence or for any damage that may result from the use of this document or its content or anything relating to them or any document or information to which this document may refer.
1 Source: IPE “Top 500 Asset Managers” published in June 2026, based on assets under management as at 31/12/2025 2 Amundi data as at 30/06/2026 3 Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)
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