Wilshire has entered into a definitive agreement to acquire Lyxor Asset Management Inc., a $20.8 billion U.S.-based investment adviser, from European manager Amundi.
The move will enhance Wilshire's alternative investment offering, said a Oct. 31 news release.
The proposed transaction is expected to close in the fourth quarter. Financial terms were not disclosed.
Lyxor Asset Management Inc., known as Lyxor U.S., is a wholly owned subsidiary of Amundi Holdings U.S. Inc. It provides risk-managed, alternative and hedge fund investment solutions to institutional investors in North America.
As a result of the transaction, Wilshire will become a "leading provider of hedge fund managed accounts and enhance its alternative investment offering," said the release.
"The alternatives space is a key area of strategic focus for Wilshire and an important part of many investment portfolios," stated Jason Schwarz, Wilshire deputy CEO and president, in the release.
Based in Santa Monica, Calif., Wilshire advised on more than $1.3 trillion in assets and managed $88 billion in assets as of June 30.
Amundi managed more than €1.95 trillion ($2.06 trillion) of assets as of Sept. 30.
Scott Chan, deputy chief investment officer of the California State Teachers' Retirement System, West Sacramento, said in the release: "We've worked with Lyxor, a key partner of our risk mitigating strategies team, for over 10 years, and we look forward to continuing our long-term partnership."
CalSTRS had about $316.7 billion in AUM as of Aug. 31.
Amundi took on the Lyxor U.S. business as part of its acquisition of Lyxor, a European ETF and liquid alternatives provider, in 2021.
Regarding the rationale for selling of the Lyxor U.S. unit, a spokesperson for Amundi stated that Amundi had performed an in-depth strategic review of the alternative investment business acquired in the connection with the Lyxor transaction.
"Amundi concluded that the North American institutional Dedicated Managed Account Platform business did not meet Amundi's specificities, notably in terms of scalability," the spokesperson said. The spokesperson added that Amundi has "reaffirmed its commitment to expanding its liquid alternatives business globally outside the U.S."
