MONEY MANAGEMENT

Amundi joins in forming money manager acquisition platform

European money manager Amundi is one of three founding shareholders in IM Square, a new investment and development platform that plans to acquire minority stakes in U.S., European and Asian money managers with $1 billion to $15 billion in assets under management.

A joint news release from IM Square and the three shareholders said Amundi, private equity firm Eurazeo and private high-net-worth investment club La Maison have agreed to an initial commitment of €40 million ($45 million) to finance IM Square’s first acquisitions.

IM Square also will provide its portfolio firms with international business development assistance, the news release said. IM Square plans to invest a minimum of €250 million in the next two to four years.

Amundi had $1.1 trillion in worldwide assets under management as of Dec. 31, according to Pensions & Investments data.

Officials at Amundi and IM Square were not available to provide further information by press time.