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
Advisers could find themselves unable to receive the fair market price of their advice as the Delivering Better Financial Outcomes legislation states superannuation trustees can reject deductions that are not charged on a cost basis.
Two advice professionals have shared five key takeaways as to how advisers can strengthen their communication with clients, especially at review time, in order to build deeper relationships.
The Financial Services Council has launched the Digital Advice Expert Group to support policy development around digital advice adoption and ensure greater accessibility for Australians.
MLC Asset Management’s managed account offerings have hit $2 billion in funds under management, underpinned by over half of financial advisers’ usage of the investment products.