Asset management roundup: Amundi creates equity capital markets desk

Amundi has announced the creation of its first dedicated equity capital markets desk, led by former head of equity research Luc Mouzon.

The asset manager said the creation of the desk was aimed at strengthening ties with banks’ capital markets teams and providing investors with “first-class” access to Europe’s equity-raising operations.

According to Amundi, the new desk will act as an intermediary between banks’ capital markets operations and the asset manager’s portfolio management teams. It will aim to help banks gauge investor appetite for upcoming equity issuances, including in particular IPOs as well as accelerated book buildings and the placement of institutional shares.

It said that setting up an equity capital market desk would allow Amundi to decide what role it wants to play in any upcoming IPO or equity issuance operation – cornerstone investor, anchor investor or standard investor – and potentially to increase its chances of success, as associating the name of a renowned investor to the process typically bolsters confidence in the offering.

“Because of its scale in the European investment industry, the depth of its expertise and the size of its investment and portfolio management teams, we believe that Amundi is ideally placed to provide this service and thus to contribute to reinforcing Europe’s attractiveness as a key marketplace for IPOs and equity offerings.”

Vincent Mortier, chief investment officer at Amundi, said: “In the current market context, it is paramount to be in the position to offer our clients access to Europe’s most dynamic investment opportunities. I am convinced the Amundi ECM desk will act as a partner of choice for European companies in their IPOs process, and will ultimately contribute to reinforcing the attractiveness of Europe as a financial centre.”

Primary listings have been on pause since February as a result of the geopolitical situation, but Amundi has said the pipeline remains relatively healthy and that it expects some operations to resume by the second half of the year, with the long-term trend being that European companies are poised to increasingly tap equity markets for their financing needs in the coming years. 

Deutsche Börse acquires Luxembourg-based fund data manager

Deutsche Börse Group is acquiring 100% of  Kneip Communication S.A, which manages investor disclosure and data publication for more than 10,000 funds in over 40 countries, including the production of over 200,000 reporting solutions. It currently services over 30 per cent of EU-based fund ISINs.

Further terms of the transaction were not disclosed. The deal is expected to be completed by the end of March this year.

According to Deutsche Börse and Kneip, the acquisition forms the basis for creating a leading fund data hub based in Luxembourg. Kneip will seek to further scale the business and expand its range of services inside Deutsche Börse Group, including data and post-trade services provided by Clearstream.

Deutsche Börse, meanwhile, also intends to connect Kneip’s services with its established fund services platforms. It said the focus would be on significantly simplifying the process of data management and services for asset managers and other market participants across the fund ecosystem.

“Through Kneip’s global reach and broad range of services, we will be able to further develop our product and service offerings and add value for funds clients at every stage of their business,” said Philippe Seyll, head of Investment Fund Services at Deutsche Börse Group.

“This is also a unique opportunity to create a leading European fund data champion based in Luxembourg.”

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