ABN Amro Investment Solutions (ABN Amro IS), the investment solution platform of ABN Amro Private Banking, has handed over its direct investment management unit to Luxembourg-based asset manager Candriam.
The deal aligns with ABN Amro IS’ plan to focus on open architecture solutions, and will involve transfer of €8bn in assets.
Under the agreement, Candriam will take over ABN Amro IS’ institutional mandates, dedicated funds, and open-ended French-regulated funds.
Candriam will also take over the assets of Neuflize Vie, Neuflize OBC’s life assurance and capitalisation affiliate.
Through the deal, Candriam aims to boost its presence with French institutional clients and strengthen its expertise in convertible bonds.
The transaction, which is subject to regulatory approval, excludes multi manager products and solutions.
ABN Amro IS’ direct investment management teams will migrate to Candriam as part of the deal.
ABN Amro IS CEO Stephane Corsaletti said: “For the past 20 years, ABN Amro Investment Solutions has been building a leading open architecture and multi manager platform. Converting our direct asset management expertise into new delegations entrusted to Candriam is in line with our strategy of focusing on open architecture solutions.”