TOBAM signs partnership deal with Amundi
French asset manager Amundi has bought a 17.5% stake in TOBAM, a Paris-based asset manager, creating a strategic partnership.
Under the terms of the deal, TOBAM will have access to Amundi’s global distribution network. TOBAM funds are managed on the Anti-Benchmark model, created by Yves Choueifaty, TOBAM’s President (pictured).
Amundi acquired the minority stake from TOBAM’s employees and from CalPERS, the US pension fund. Choueifaty and employees retain the majority holding. TOBAM has €2bn in AUM, after a 41% growth in assets last year. So far, the firm has seen a 21% increase year-to-date 2012. Amundi has €688.7bn under management, of which €92bn in equities.
Yves Perrier, managing director of Amundi, said: “This agreement forms part of Amundi’s policy of offering its clients the best expertise. To complement our in-house asset management teams, Amundi offers product ranges that stem from targeted partnerships. By proposing TOBAM’s Anti-Benchmark strategy, Amundi is strengthening its range of ‘Next Generation’ investment solutions.”
Choueifaty said: “Our agreement with Amundi will improve the accessibility of our products to a broad clientele on a global level, in particular in Europe, Asia and the Middle East, where Amundi’s network and technical expertise are well established.”
The Anti-Benchmark model is a quantitative investment style designed to maximise the efficiency of equity portfolios and take advantage of the benefits of diversification. Its aim is to offer investors the opportunity to access a more diverse exposure than weighted capitalisation indices and to improve their risk/return.