Amundi has acquired technology company Aixigo for €149m as it seeks to accelerate the deployment of technological solutions to private banks and wealth managers.

Amundi stated that while digital technology has become a “key lever” to managing customer relations for wealth managers, wealth managers were also seeking to leverage technologies to enable their staff to advise, distribute and manage investment solutions more effectively.

Therefore, the firm argued that the market for technological services for the wealth management sector, as well as private banks, was growing “significantly”.

Aixigo’s platform seeks to enable new services to be deployed quickly and easily into the existing IT infrastructures of financial intermediaries and banks.

It has also developed a high value-added modular service offering for distributers of savings solutions.

Amundi is already active in the wealth management technology market through its Amundi Technology business and its solution Alto, and hopes that it will accelerate its development with the acquisition of Aixigo.

It added that its client and geographical coverage in this market would be further enhanced by Aixigo’s client base in the UK, Germany and Switzerland.

Aixigo currently has 150 staff and serves more than 20 clients, including international financial institutions representing over €1trn in assets under management.

Around 60,000 advisers use Aixigo’s services daily to onboard clients, build and manage allocations, place orders, and generate reports.

Amundi Technology has also enhanced its offering, providing the investment and savings industry with technological solutions for portfolio management, employee savings & retirement, wealth management, and asset servicing.

Following the acquisition, Aixigo’s tools will be part of the solutions that Amundi Technology provides to clients.

“Institutions that are distributing saving products are increasingly looking for solutions and external partners that enable them to improve their operational efficiency, and enhance the quality, the speed and the personalisation of the advice, services and products they offer,” said Amundi CEO, Valérie Baudson.

“To address these needs, Amundi has built a range of services and a technological platform that will be further strengthened with Aixigo.

“With the addition of new expertise, which have already been adopted and recognised by leading financial firms, we will continue to roll out new innovative services, and play an active part in the developments of the financial advisory and wealth management sector. This transaction will create significant value for our clients, partners and shareholders.”

Aixigo CEO, Arnaud Picut, added: “Joining Amundi Technology presents Aixigo with a unique opportunity to expand our service offerings and leverage Amundi's expertise, allowing us to become the undisputed European leader before gradually extending our reach into Asia, a vision that perfectly aligns with our values and ambitions.

“It is also an opportunity to thank Urs Ehrismann, founder of Fronttrail Equity Partners that has accompanied Aixigo as an equity investor over the past six years, enabling to build a successful European wealthtech platform provider.”

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