Victory Capital Holdings announced the closing of its previously announced transaction with Amundi SA on April 1, 2025. This strategic partnership includes 15-year reciprocal global distribution agreements, immediately globalizing Victory Capital's business and expanding its reach to clients worldwide.
The acquired Amundi U.S. business has been reintroduced as Pioneer Investments, reinforcing its long history of investment excellence. Pioneer Investments generated $544 million in revenue in 2024 and managed $119 billion in Assets Under Management as of February 28, 2025, with positive net flows of $2.7 billion year-to-date.
Victory Capital increased its net expense synergies target from $100 million to $110 million, with approximately $50 million achieved at closing. An additional $30 million in net expense synergies is expected over the next six months, demonstrating rapid integration progress.
As consideration for the Amundi U.S. business, Amundi became a strategic shareholder in Victory Capital, receiving 17.6 million shares at closing, representing 21.2% of fully diluted equity and a 4.9% voting interest. Amundi's total equity interest is expected to reach 26.1% as post-closing adjustments conclude.
Two Amundi appointees joined Victory Capital's Board of Directors, reflecting the strategic nature of the partnership. This transaction is expected to significantly enhance Victory Capital's scale, diversification across asset classes, investment vehicles, and geographies, and substantially strengthen its U.S. distribution presence.
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