Amundi to buy fund manager Smith Breeden

PARIS Mon Jun 3, 2013 8:30am EDT

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PARIS (Reuters) - Amundi, the fund manager owned by French banks Credit Agricole (CAGR.PA) and Societe Generale (SOGN.PA), said it had agreed to buy U.S. asset manager Smith Breeden in a bid to boost its exposure to U.S. bond products and markets.

No financial details were disclosed in the statement, which said the transaction should close by the end of September.

Smith Breeden has $6.4 billion in assets under management, compared with Amundi's 750 billion euros ($971.99 billion) under management.

(Reporting by Lionel Laurent; Editing by Christian Plumb)