Paris, France-based asset management firm Amundi pushed its way into the U.S. asset management space by announcing plans to buy Smith Breeden Associates this week.

Smith Breeden is a Durham, N.C.-based asset management platform specializing in the U.S. fixed-income sectors.

The transaction, which is expected to close in late September, will result in Smith Breeden operating under the brand name Amundi Smith Breeden. The Durham company will essentially operate as a fully-owned and controlled subsidiary of Amundi Group.

Amundi has close to $1 trillion in assets while Smith Breenden brings $6.4 billion of assets under its management into the fold.

Acquiring Smith Breeden helps Amundi push forward with several strategic goals, including plans to expand its asset management reach in the U.S. while strengthening its global fixed-income expertise in America.

The deal also allows Smith Breeden to expand its institutional client base worldwide while benefiting from Amundi’s vast research, servicing and operating resources.

The announcement came with several planned executive changes.

Patrick Pagni, senior regional officer for North America at Amundi, is slated to serve as executive chairman of Amundi Smith Breeden.

Mike Giarla will continue to serve as CEO of the Smith Breeden component.