French banks combine forces
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.
Recommended for you
Shadforth CEO Terry Dillon has told Money Management the time is right to pursue inorganic growth as it seeks to double in size by 2030 and acquires a Melbourne advice firm.
Entireti has announced the rebranding of PFS Investment Management, bringing together the group’s investment capabilities to support its licensee network.
Licensees have been urged by ASIC to ensure their advisers’ FAR records are updated, as ASIC’s latest estimates find more than 3,000 advisers could be unable to provide advice next year.
Major licensee Count has enacted its latest M&A deal, acquiring the accounting and audit client base of a Sydney accounting firm.
