The asset management arm Amundi, a blend of the initials of “asset management” with an allusion to the world, has been launched by Credit Agricole and Socit Gnrale.
According to a company statement, the new entity will pursue a two pronged strategy:
– Supply savings solutions to the retail banking networks of Crdit Agricole and Socit Gnrale.
– Offer a high performance asset management offering to institutional clients. A global leader in euro fixed income and European front-runner in guaranteed investment funds, it will also have solid positions in European, Japanese and emerging equities and in absolute return products.
Subject to the approval of the European competition authority, Amundi will come into being on 1 January 2010 and will have almost EUR 650 billion under management.
Commenting on the project, Yves Perrier, current Chairman and CEO of CAAM Group and future CEO of Amundi, said: “Our aim is to make Amundi a key player in the European asset management industry, not just through sheer size, but also through four crucial factors:- Product quality, measured by financial performance and transparency- Close relations with customers, partners’ networks and institutions, with whom it will work on a long-term basis- The efficiency of its organisation, resulting from the individual and collective talents of its teams- A commitment to integrate sustainability and social purpose criteria into its investment policies, alongside financial criteria”.
Although the press release pointed out that the Latin origin of Amundi also harks back to the group’s European roots, in Norwegian, the name Amundi means ‘bridal gift’.
Giles TurnerNews Editor