Paris, November 18, 2025 – Amundi (AMUN.PA), Europe’s largest asset manager, has announced the acquisition of a 9.9% stake in London-listed Intermediate Capital Group (ICG) as part of its strategic push into private markets. The move aligns with Amundi’s ambitious three-year growth plan, aimed at expanding its footprint in alternative asset classes such as private equity, private debt, and infrastructure.

While the purchase price has not been officially disclosed, ICG’s market capitalization of approximately £5.5 billion ($7.24 billion) suggests that the stake is valued at around £550 million, positioning Amundi as ICG’s largest shareholder.

Amundi Strengthens Private Market Strategy

The acquisition highlights the ongoing trend among European asset managers seeking scale to compete with U.S. investment giants like BlackRock and State Street. These firms are increasingly diversifying into higher-fee alternative assets to maintain growth amid market pressures.

Amundi, majority-owned by French banking group Crédit Agricole (CAGR.PA), has faced challenges boosting its stock price due to competitive pressures and uncertainties surrounding a key distribution agreement with Italian bank UniCredit (CRDI.MI). Over the past five years, its shares have declined by 2%.

To structure the transaction strategically, Amundi will first purchase 4.9% of ICG’s share capital on the open market. Subsequently, ICG will issue new non-voting shares representing 5% of its capital to Amundi, while simultaneously repurchasing an equivalent amount of its existing shares to prevent shareholder dilution, according to Chief Financial Officer Nicolas Calcoen.

ICG: A Leading Alternative Asset Manager

Founded in 1989, ICG is one of London’s oldest alternative asset managers, with $123 billion in assets under management as of June 2025. The partnership also includes a 10-year agreement making Amundi the exclusive global wealth management distributor for ICG’s evergreen and select other products. Plans are underway to launch new private equity secondaries and private debt funds in 2026, reinforcing Amundi’s commitment to alternative investment growth.

Asia at the Core of Amundi’s Growth Plans

Amundi’s expansion into private assets is part of its broader “Invest for the Future” 2025–2028 strategic plan, which identifies six key priorities with Asia as a central growth engine. Managing €2.3 trillion in assets, the group targets over €300 billion in cumulative net inflows from 2026 to 2028, with half expected from Asian markets.

“Today, compared with Europe, Asia really represents 50% of our inflows,” said Amundi CEO Valérie Baudson. The emphasis on Asia underlines Amundi’s strategy to leverage high-growth markets for private asset expansion and long-term profitability.

Shareholder Returns and Strategic Partnerships

Amundi has pledged to pay shareholders at least 65% of its net profits during 2025–2028 and plans a share buyback in 2026 to return excess capital from previous cycles. Meanwhile, UniCredit CEO Andrea Orcel stated that their partnership with Amundi, due to expire in July 2027, will continue beyond that point only if mutually beneficial.

Amundi’s 2028 earnings-per-share target of €7 considers multiple scenarios, including market fluctuations, forex variations, and the ongoing UniCredit distribution agreement.

Looking Ahead

The acquisition of a strategic stake in ICG positions Amundi at the forefront of Europe’s private markets growth while solidifying its competitive stance against global asset management giants. With a strong focus on Asia and alternative asset classes, Amundi aims to enhance profitability, expand market reach, and deliver sustained shareholder value in the years to come.