Amundi has acquired Bawag PSK Invest, the asset management subsidiary of Austrian bank Bawag PSK, said Amundi spokeswoman Natacha Sharp.
Financial terms of the deal were not disclosed, although Ms. Sharp said that Amundi bought it for “a low price.” The transaction is expected to close by the end of this year or in January.
The acquisition marks the first time Amundi will have a physical presence in Austria.
Ms. Sharp said it is currently too early to tell whether there will be any substantial changes to the money manager’s staff or senior management.
As of June 30, Bawag PSK Invest had €4.6 billion ($5.83 billion) in assets under management, 63% for retail clients and 37% for institutional investors.
