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Apex Trader Funding (ATF) - News

Victory Capital to Buy Amundi US Business, Form Alliance

Victory Capital Holdings, Inc. (NASDAQ: VCTR) has signed a definitive agreement with Amundi regarding their previously disclosed transaction, aiming to enter into mutual distribution agreements and combine the company with Amundi's US business. This strategic collaboration is in alignment with Victory Capital's inorganic growth strategy. In line with the Memorandum of Understanding announced on Apr 16, 2024, Amundi and Victory Capital have decided to enter into reciprocal 15-year distribution agreements effective upon the completion of the transaction. Per the deal, the Amundi US business (formerly Pioneer Investments) will be merged into Victory Capital. Thus, Amundi will become a strategic shareholder of VCTR with a 26.1% economic stake, subject to customary adjustments. Further, two of Amundi's representatives will join VCTR's board of directors upon the closure of the transaction, subject to requisite approvals. The deal is expected to close in the late fourth quarter of 2024 or early 2025. Per the distribution agreements, Victory Capital will supply US-manufactured active asset management products to Amundi for global distribution. On the other hand, Victory Capital will distribute Amundi's non-US manufactured products within the United States. David Brown, chairman and CEO of Victory Capital, stated, "This strategic relationship accelerates the ...