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
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
