Amundi has acquired a 9.9 per cent stake in alternative asset manager ICG worth a total of €620m (£531m), which follows an equity partnership announced between the two firms last November.

From Q3 this year, Amundi’s assets and net flows in its results will reflect this contribution. As part of the deal, the two firms have entered into a 10-year agreement under which Amundi will act as the exclusive global distributor in the wealth channel for ICG’s evergreen products, as well as other undisclosed products.

In turn, ICG will act as the exclusive provider for the products to Amundi’s distribution business.

The partnership includes the joint development of new products specifically targeted at wealth investors. The first of these products, focused on private equity secondaries, is expected to be launched over the next few weeks.

“Our partnership with ICG marks a significant step in the development of Amundi’s private markets offering. Leveraging ICG’s leading capabilities and Amundi’s global reach and strong understanding of individual clients’ needs, we will continue to broaden access to private market solutions for wealth investors globally,” said Valérie Baudson, chief executive of Amundi.

“This partnership creates a strong platform for innovation with the ambition to develop new products tailored to investors’ evolving needs, while generating profitable, long-term growth for the benefit of all stakeholders.”

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