A sale price was not disclosed, said Ari Levine, a spokesman for TOBAM.
CalPERS in April 2011 hired TOBAM to run $150 million in its “anti-benchmark” equity strategy and took a 17.5% ownership interest in the company. It now owns 12.5% of TOBAM.
Yves Choueifaty, founder and president of TOBAM, and other TOBAM employees will now own the remaining 70% of the firm.
As part of the deal, Amundi will distribute TOBAM's strategies to its clients. Adding TOBAM to its distribution offerings “strengthen(ed) its range of ‘Next Generation' investment solutions,” Yves Perrier, CEO of Amundi, said in a news release.
TOBAM's strategies will complement Amundi's existing €1 billion ($1.3 billion) run in “Next Generation” strategies, which comprises minimum variance, maximum diversification, risk parity and options-based asymmetric approaches, according to an Amundi spokesman who asked not to be named.
TOBAM quantitatively manages about €2 billion equity and bond systematic strategies that seek to outperform market-cap-weighted indexes with lower risk by providing maximum diversification within an investment universe.
Brad Pacheco, CalPERS spokesman, could not provide further information by press time.