France's largest asset manager Amundi, has acquired a stake in one of the country's smaller boutiques, in a move that should promote the development of "smart beta", a relatively inexpensive investment approach that combines elements of passive and active asset management.

Amundi, which is a combination of the asset management arms of Societe Generale and Crédit Agricole, and which has €689bn under management, has taken a 17.5% stake in Tobam, which has €2bn under management.