Crédit Agricole S.A. and Société Générale, two of France and Europe’s biggest banking groups, have launched combined asset management arm Amundi.

Amundi, which commenced operations on January 1, is 75 per cent owned by Crédit Agricole S.A. and 25 per cent owned by Société Générale.

With more than €650 billion under management it is now the third largest asset management company in Europe and the eighth largest worldwide.

Amundi will supply savings solutions to the retail banking networks of the Crédit Agricole and Société Générale groups in France and abroad, as well as offer a high performance asset management offering to institutional clients, the companies said in a joint statement.

Amundi will also have solid positions in European, Japanese and emerging market equities and in absolute return products, and will benefit from an extensive marketing coverage in more than 30 countries, the statement said.