Amundi to get 26% stake in Victory in exchange for US business

Amundi, Europe's largest asset manager, said on Tuesday it had agreed to sell its U.S. business to Victory Capital in exchange for a 26% stake in the U.S. company.Amundi said there was no cash payment involved in the deal."The proposed transaction with Victory Capital is a unique opportunity to strengthen our presence in the U.S., while becoming a strategic shareholder in a reputable U.S.-based asset management firm with an excellent track record of growth," said Amundi CEO Valerie Baudson.