Amundi will merge an additional 15 products housing $8.8bn assets under management (AUM) as part of its ongoing push to assimilate the ETFs it acquired as part of its buy-out of Lyxor last July.
Effective 1 December, the French asset manager will merge five euro government bond ETFs with Lyxor equivalents.
The mergers include:
The $364m Amundi ETF Govt Euro Broad Investment Grade 1-3 UCITS ETF (C13) with the $1.4bn Lyxor Euro Government Bond 1-3Y UCITS ETF (MTA)
The $464m Amundi ETF Govt Euro Broad Investment Grade 3-5 UCITS ETF (C33) with the $1.2bn Lyxor Euro Government Bond 3-5Y UCITS ETF (MTB)
The $203m Amundi ETF Govt Euro Broad Investment Grade 5-7 UCITS ETF (C53) with the $310bn Lyxor Euro Government Bond 5-7Y UCITS ETF (MTC)
The $96m Amundi ETF Govt Euro Broad Investment Grade 10-15 UCITS ETF (C10) with the $906m Lyxor Euro Government Bond 10-15Y UCITS ETF (MTE)
The $124m Amundi ETF Euro Inflation UCITS ETF (CI3) with the $1.1bn Lyxor Core Euro Government Inflation-Linked Bond UCITS ETF (MTI)
The mergers will effectively mean fee hikes for most of the assets housed across the range, with Amundi’s euro government bond ETFs absorbed by their larger Lyxor counterparts, increasing the total expense ratio (TER) paid by investors in the former from 0.14% to 0.17%.
However, Lyxor’s inflation-linked bond ETF absorbing Amundi’s equivalent will mean investors in the latter will see fees fall from 0.16% to 0.09%.
Elsewhere, the $1.5bn Amundi MSCI World Climate Transition CTB UCITS ETF (LWCU), $754m Amundi MSCI World Climate Paris Aligned PAB UCITS ETF (PABW), $217m Lyxor MSCI World Climate Change UCITS ETF (CLWD) and $216m Lyxor Net Zero 2050 S&P World Climate PAB UCITS ETF (EABG) will be rolled into the Amundi MSCI World Climate Net Zero Ambition PAB UCITS ETF, which will launch to coincide with the merger on 5 December.
The ETF will become the latest entrant to Amundi’s ‘net zero ambition’ suite after the firm launches the Amundi S&P 500 Climate Net Zero Ambition PAB UCITS ETF to merge the $2.2bn Lyxor Net Zero 2050 S&P 500 Climate PAB UCITS ETF (ZPA5) and $36m Lyxor MSCI USA ESG Climate Transition CTB UCITS ETF (CLUS) on 24 November.
The French asset manager said in its Q3 results it had “almost entirely” realised the operational benefits of integrating the Lyxor business.
