ICG plc, an alternative asset manager listed on the London Stock Exchange, kicked off a buyback of up to 15.28 million ordinary shares Thursday. That figure equals 5.26% of its issued share capital.

The program sets the stage for issuing non-voting shares to Amundi S.A., the French asset manager. It runs from February 26 through June 30, 2027, with a ceiling of 316 million pounds.

Officials at ICG described the move as key to their strategic partnership with Amundi. The buyback clears the path for those non-voting shares.

Vincent Mortier, Amundi’s Group Chief Investment Officer, steps onto ICG’s board March 31 as a non-executive director. He will sit on the Nominations and Governance Committee.

ICG highlighted Mortier’s global asset management know-how. Company leaders say it bolsters the board amid their growth push.

Shares in ICG ended Wednesday up 1.92% at 1,753 pence in London. Amundi shares rose 1.37% to 77.95 euros in Paris.

ICG focuses on alternative assets like private equity and debt. The firm has built a portfolio serving institutional and retail investors worldwide.

Amundi, one of Europe’s largest asset managers, oversees trillions in assets. The partnership with ICG dates back several years, blending their strengths in retail and institutional markets.

Buybacks like this one often signal confidence from management in the company’s value. ICG joins a wave of firms repurchasing shares amid favorable market conditions.

Regulators oversee such programs closely. ICG must adhere to London Stock Exchange rules on pricing and volume during the buyback.

Mortier’s addition brings fresh perspective. With decades at Amundi, he shapes investment strategies across equities, fixed income, and alternatives.

ICG’s announcement comes as asset managers handle higher interest rates and shifting investor demands. Strong performance last year lifted ICG shares more than 50%.

Analysts watch how the partnership evolves. It could unlock new distribution channels for ICG’s funds through Amundi’s vast network.

The buyback caps at 316 million pounds, but ICG may adjust based on market prices. Shares trade under the ticker ICG.L.

Amundi, ticker AMUN.PA in Paris, manages over 2 trillion euros. Mortier’s role at ICG highlights deepening ties between the firms.