Cyrus Groupe to buy French investment company Amplegest
PARIS, July 7 (Reuters) - French investment company Cyrus Group has agreed to buy unlisted rival Amplegest in a deal that will create a new entity with more than 8 billion euros ($9.5 billion) of assets under management, the companies said on Wednesday.
The global fund management industry has been at the centre of several big merger deals in recent years as companies look to save costs to deal with increasing regulation.
In 2016, French fund manager Amundi bought rival Pioneer Investments from UniCredit, while sources have told Reuters that UBS and German asset manager DWS are pressing ahead with final bids for the asset management arm of NN Group.
($1 = 0.8462 euros) (Reporting by Sudip Kar-Gupta; editing by Jason Neely)
