Amundi

Origins

At the end of 2008, Crédit Agricole and Société Générale decided to merge their respective asset management subsidiaries into a new company. Previously, these two subsidiaries, Crédit Agricole Asset Management (CAAM) and Société Générale Asset Management (SGAM), had each managed a range of UCITS funds, consisting of bond funds, equity funds, alternative and structured products, as well as an array of ETFs.

A preliminary agreement was signed on 26 January 2009 between the two stakeholders, then a final agreement was signed on 9 July 2009, stipulating that Crédit Agricole would own 75% of the new company and Société Générale 25%, with it being managed by Yves Perrier, then CEO of CAAM. The name 'Amundi' was officially announced on 23 October 2009 The company was created on 1 January 2010 following permission from the European Commission to proceed with the merger. The merger of the two teams took place progressively over the course of 2010 and led to 260 jobs being cut globally, and the creation of about 60 new positions in risk management and commercial distribution.

With €670 billion of assets under management on the eve of its creation, Amundi emerged as the third largest European asset management company, behind Axa and Allianz, and became one of the top 10 biggest asset managers worldwide.

Development in Europe and the United States

Amundi's funds are primarily distributed through the banking networks of its majority shareholders: Crédit Agricole, LCL (a subsidiary of Crédit Agricole), Société Générale and Crédit du Nord (a subsidiary of Société Générale), which collectively comprised more than 70% of Amundi's net inflows at inception, with the remainder being drawn from institutional investors. The company has been expanding its investor base over time. In 2015, more than 60% of its assets under management came from sources outside of these banking networks.