Key Takeaways
- • Wilshire has entered a definitive agreement to acquire Lyxor Asset Management Inc. (Lyxor U.S.), a U.S.-based investment advisor with $20.8 billion in assets under management as of June 30, 2023, from Amundi.
- • The deal expands Wilshire's alternatives offering and makes it a leading provider of hedge fund managed accounts, adding Lyxor U.S.'s North American institutional client base.
- • Financial terms were not disclosed, and Amundi states the transaction has no material financial impact on it.
- • The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2023.
Summary
Wilshire, a Santa Monica, California-based global financial services firm, has entered into a definitive agreement to acquire Lyxor Asset Management Inc. ("Lyxor U.S.") from Amundi, the largest European asset manager, according to a Business Wire announcement. Lyxor U.S. is a U.S.-based investment advisor with $20.8 billion in assets under management as of June 30, 2023. It provides risk-managed, alternative and hedge fund investment solutions to institutional investors in North America and is a wholly owned subsidiary of Amundi Holdings US, Inc. It was previously the U.S. subsidiary of Lyxor, the European ETF and liquid alternatives provider that Amundi acquired in 2021.
The transaction will make Wilshire a leading provider of hedge fund managed accounts and enhance its alternatives capabilities, including implementation through hedge fund managed accounts. Wilshire also said it will incorporate Lyxor U.S.'s institutional client base into its ecosystem. Wilshire reports that it advises on over $1.3 trillion in assets and manages $88 billion as of June 30, 2023, serving more than 500 institutional investors and financial intermediaries.
Jason Schwarz, Wilshire Deputy CEO and President, said alternatives are a key strategic focus and that the acquisition will give Lyxor U.S. clients access to Wilshire's asset allocation research, investment research and portfolio construction capabilities. Andrew Dabinett, CEO of Lyxor U.S., said the firm believes it will be well positioned to deliver enduring value and win new business with Wilshire's brand and capabilities. Scott Chan, Deputy Chief Investment Officer of the California State Teachers' Retirement System (CalSTRS), said CalSTRS has worked with Lyxor for over ten years through its Risk Mitigating Strategies team and expects the acquisition to broaden access to alternatives expertise.
Amundi will continue to grow its asset management and distribution capabilities in the Americas, including Amundi US, and reaffirmed its commitment to expanding liquid alternatives globally outside the U.S. Wilshire was advised by Solomon Partners and Kirkland & Ellis LLP, while Amundi was advised by PJT Partners and Clifford Chance LLP. The transaction is expected to close in the fourth quarter of 2023.
The transaction will make Wilshire a leading provider of hedge fund managed accounts and enhance its alternatives capabilities, including implementation through hedge fund managed accounts. Wilshire also said it will incorporate Lyxor U.S.'s institutional client base into its ecosystem. Wilshire reports that it advises on over $1.3 trillion in assets and manages $88 billion as of June 30, 2023, serving more than 500 institutional investors and financial intermediaries.
Jason Schwarz, Wilshire Deputy CEO and President, said alternatives are a key strategic focus and that the acquisition will give Lyxor U.S. clients access to Wilshire's asset allocation research, investment research and portfolio construction capabilities. Andrew Dabinett, CEO of Lyxor U.S., said the firm believes it will be well positioned to deliver enduring value and win new business with Wilshire's brand and capabilities. Scott Chan, Deputy Chief Investment Officer of the California State Teachers' Retirement System (CalSTRS), said CalSTRS has worked with Lyxor for over ten years through its Risk Mitigating Strategies team and expects the acquisition to broaden access to alternatives expertise.
Amundi will continue to grow its asset management and distribution capabilities in the Americas, including Amundi US, and reaffirmed its commitment to expanding liquid alternatives globally outside the U.S. Wilshire was advised by Solomon Partners and Kirkland & Ellis LLP, while Amundi was advised by PJT Partners and Clifford Chance LLP. The transaction is expected to close in the fourth quarter of 2023.
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