Amundi: A Leading Provider of Asset Management Services

Amundi is one of the world's largest asset managers, with a presence in over 70 countries.

Amundi's history dates back to 1967, when it was founded by the French savings bank, Crédit Mutuel.

The company has since grown to become a leading provider of asset management services, with over €1.7 trillion in assets under management.

Founded by Crédit Mutuel, Amundi has a strong partnership with the bank, which remains its largest shareholder.

Amundi made a significant move in the US market in June 2013 by announcing the acquisition of Smith Breeden Associates.

The acquisition was finalized in October 2013, resulting in Smith Breeden Associates being renamed Amundi Smith Breeden LLC and becoming the head office for Amundi's North American operations.

Amundi Smith Breeden LLC managed around $6.4 billion in assets at the time, which is approximately €4.9 billion.

In October 2014, Amundi expanded its presence in Europe by acquiring 100% of the capital of Bawag PSK Invest, an investment management subsidiary of the Austrian bank Bawag PSK.

Bawag PSK Invest managed around €4.6 billion in assets through 78 funds and became part of the Amundi franchise.

Amundi also acquired 87.5% of the capital of Kleinwort Benson Investors, a Dublin-based investment management company, in 2014.

Kleinwort Benson Investors had branches in Boston and New York and managed around €7.6 billion in assets.

In France, Amundi has made significant investments in the asset management sector.

Amundi owns several subsidiaries, including CPR Asset Management and BFT Investment Managers. These subsidiaries are wholly owned by Amundi.

CPR Asset Management was previously a subsidiary of Crédit Agricole Asset Management, but was acquired by Amundi in 2015.

At the end of 2021, CPR Asset Management managed €64 billion of assets under management. This is a significant increase from the €2.4 billion transferred to the subsidiary in 2015.

BFT Investment Managers was acquired by Amundi in 2011 and has been a subsidiary ever since. In 2015, the company changed its name from BFT Gestion to BFT Investment Managers.

At the end of 2021, BFT Investment Managers managed €39 billion of assets under management.

Amundi also owns two other subsidiaries in France, Étoile Gestion and Société Générale Gestion, which were inherited from SGAM at the time of the merger with CAAM.

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Amundi has been expanding its presence in Europe and the US through strategic acquisitions. In 2013, the company acquired Smith Breeden Associates in the US, which managed approximately $6.4 billion.

This acquisition marked a significant milestone for Amundi's North American operations, with Smith Breeden Associates becoming Amundi Smith Breeden LLC. The company's headquarters for North American operations was established in Boston.

In 2014, Amundi acquired 100% of Bawag PSK Invest, an investment management subsidiary of the Austrian bank Bawag PSK. This acquisition added €4.6 billion of assets under management through 78 funds to Amundi's portfolio.

Amundi also acquired 87.5% of Kleinwort Benson Investors, a Dublin-based investment management company, in 2014. This acquisition brought €7.6 billion of assets under management to Amundi's portfolio.

Crédit Agricole S.A. increased its stake in Amundi in 2014 by acquiring 5% of the company's capital from Société Générale for €337.5 million. This move gave Crédit Agricole S.A. control of 80% of Amundi's capital.

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Amundi's client-centric service model is built on trust, with over 100 million retail, institutional, and corporate clients worldwide.

The company leverages its extensive experience and partnerships with wealth managers, distribution platforms, and retail networks in Europe, Asia-Pacific, and North America to offer customized products and services.

Amundi relies on close partnerships to offer value-added investment advice that fits clients' needs and risk profiles. This approach has earned the trust of a wide variety of private and public investors.

Amundi's expertise and research-driven investment culture provide holistic and objective investment solutions to institutional and corporate clients worldwide. This expertise is used to provide high-quality service to clients.

Amundi Technology's ALTO platform offers a Portfolio Management System in SaaS mode, covering all front- and middle-office functionalities. This includes investment decisions, buy and sell orders, and performance monitoring.

The ALTO platform is used by 24 clients, including 11 that joined in 2020. These clients benefit from Amundi Technology's tools, which are integrated with BNY Mellon's OMNI tools for clients in the US and UK.

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Amundi offers a range of financial services, including a Portfolio Management System called ALTO, which provides clients with a comprehensive platform for investment decisions, risk management, and performance monitoring.

ALTO is a SaaS mode platform that covers all front- and middle-office functionalities, including investment decisions, buy and sell orders, and risk indicator calculation. It's inspired by BlackRock's Aladdin platform and has been used by 24 clients, including Goldman Sachs Fund Solutions, since 2018.

In 2021, Amundi announced a partnership with BNY Mellon to integrate the OMNI tools into Amundi Technology's offering, expanding its services to clients mainly based in the US and the UK.

Amundi's financial services also cater to institutional and corporate clients, providing customized products, innovative services, and value-added investment advice that fit their needs and risk profiles.

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Asset management is a core part of Amundi's business, where they manage investment funds on behalf of third parties.

Individual investors, institutional investors, and companies can invest in these funds using their savings, capital, and/or treasury.

Amundi's turnover is made up of fees charged on the assets they manage, mainly subscription fees and annual management fees.

They manage a range of UCITS funds and exchange-traded funds (ETFs), which are popular investment options.

Funds invested in real and alternative assets, such as real estate and structured products, are also part of Amundi's managed portfolio.

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Amundi offers a range of services to cater to the diverse needs of its clients. Amundi Technology, a division launched in 2016 (renamed from Amundi Services in 2021), provides services to other asset management companies and institutional investors. This division leverages Amundi's expertise to offer a Portfolio Management System in SaaS mode called ALTO.

ALTO covers all front- and middle-office functionalities, including investment decisions, buy and sell orders, verification of investment rules, calculation of risk indicators, performance monitoring, and the generation of factsheets for clients. Amundi has reported that ALTO's tools are used by 24 clients, including Goldman Sachs Fund Solutions, which has been using Amundi Technology since 2018.

Amundi has also partnered with BNY Mellon to integrate the 'OMNI' tools developed by BNY Mellon into Amundi Technology's offering. This partnership aims to provide clients with a more comprehensive and integrated solution. Amundi Technology's tools are used by clients based in the US and the UK.

Amundi offers customized products, innovative services, and value-added investment advice that best fit clients' needs and risk profiles. The company relies on its extensive experience and close partnerships with wealth managers, distribution platforms, and retail networks in Europe, Asia-Pacific, and North America to achieve this.

The integration of Pioneer Investments in July 2017 has provided Amundi with enhanced distribution capabilities in North America and a full suite of management capabilities to better meet the needs of investors in Asia-Pacific and the Middle East.

Here are some key statistics on Amundi's geographic coverage:

Amundi has made significant changes to its financial reporting, including a new P&L line for Amundi Technology revenue.

The company's 2021 full year P&L has been restated, with a dedicated line for Amundi Technology revenue. This change provides a clearer picture of the company's performance.

Amundi has also provided estimated full year 2021 P&L for the perimeter acquired for Lyxor and the combined entity Amundi-Lyxor.

The company's AUM and net flows have been disclosed by client segment for Amundi (without Lyxor), Lyxor, and the combined entity Amundi Lyxor.

Here's a breakdown of the 2021 full year AUM and net flows by client segment:

Similarly, Amundi has disclosed its AUM and net flows by expertise for Amundi (without Lyxor), Lyxor, and the combined entity Amundi Lyxor.

Amundi's commitment to regulatory compliance is evident in its efforts to meet the requirements of various regulatory bodies. The company is registered with the French financial markets authority, AMF, and is subject to its regulations.

Amundi's compliance with the European Union's Alternative Investment Fund Managers Directive (AIFMD) is also noteworthy, as it allows the company to manage alternative investment funds across the EU. This directive has enabled Amundi to expand its services and reach a broader client base.

Amundi's regulatory compliance efforts also include adhering to the European Union's Markets in Financial Instruments Directive (MiFID II), which requires the company to provide clients with detailed information about the services and costs associated with its investment products.

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At Amundi, we understand that every investor is unique, with their own set of goals and requirements. We cater to a diverse range of clients, including banks and financial institutions, corporates, family offices, insurers, investment consultants, pension funds, and sovereign institutions.

We offer tailored investment solutions to help our clients achieve their objectives. Our expertise spans various asset classes, allowing us to create bespoke portfolios that meet the specific needs of each client.

We partner with banks and financial institutions to provide them with comprehensive investment solutions. This includes asset management and advisory services to help them grow their assets and meet their financial goals.

Corporates can also benefit from our expertise, as we help them manage their pension and employee benefits schemes. This ensures that their employees' retirement savings are secure and grow over time.

Family offices, insurers, and investment consultants can also rely on our expertise to create customized investment solutions for their clients. We understand the complexities of their business and provide them with the necessary tools to make informed investment decisions.

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Pension funds and sovereign institutions can also trust us to manage their assets and provide them with expert advice. Our team of experts has a deep understanding of the pension and sovereign wealth management landscape, ensuring that our clients' assets are managed with care and precision.

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Amundi made a significant acquisition in 2020 by buying 100% of Sabadell AM, a Spanish company with €22 billion in assets under management, for €430 million.

This acquisition included a 10-year agreement with Banco Sabadell to distribute Amundi's funds in Spain.

In the same year, Amundi partnered with BOC Wealth Management, a subsidiary of Bank of China, to create a joint venture called Amundi BOC Wealth Management Company Limited.

Amundi owns 55% of this joint venture, while BOC Wealth Management owns 45%.

In 2021, Amundi acquired Lyxor Asset Management from Société Générale for €825 million.

This acquisition brought in €148 billion in assets managed by Lyxor, which Amundi integrated into its business.

Lyxor's expertise in ETF management helped Amundi develop its passive management business and become the second-largest ETF provider in Europe, behind BlackRock.

With the integration of Lyxor, Amundi passed the €2 trillion threshold in assets under management by the end of 2021.

Amundi's ETF business has a rich history, inherited from CASAM, which managed 65 ETFs at the end of 2009.

At the end of 2017, Amundi managed 38 billion euros of ETFs, a significant amount of assets under management.

Amundi ETF offers a range of products divided into two categories: equity ETFs and bond ETFs.

Amundi offers a range of products under its ETF brand, which replicates the performance of national, regional or sectoral market indices. These equity ETFs are a key part of the company's passive management strategy.

At the end of 2017, Amundi managed 38 billion euros of ETFs, a significant amount of money. Amundi's ETF business was inherited from CASAM, which managed 65 ETFs at the end of 2009.

Amundi ETF products are divided into two categories: equity ETFs and bond ETFs. Equity ETFs replicate the performance of national, regional or sectoral market indices, while bond ETFs replicate the performance of government or corporate bonds.

Historically, Amundi's ETF business was separate from its core asset management business. However, today, ETFs are an integral part of the company's product offerings.

Amundi's real estate investments are structured as real estate investment vehicles, with the most significant one being "OPCIMMO", launched in 2011.

The company has acquired buildings in prominent locations, such as the La Défense business district in Paris, including Cœur Défense and the Hekla Tower, both acquired in 2017.

One notable real estate investment is Cœur Défense, acquired in partnership with Crédit Agricole Assurances and Primonial REIM.

Amundi also offers private equity financing for companies, with a subsidiary called Amundi Private Equity Funds launched to acquire stakes in unlisted companies.

In the field of infrastructure investment, Amundi developed a partnership with Électricité de France (EDF) to finance projects related to renewable energies through a subsidiary called Amundi Transition Energétique.

This partnership was created in 2017, with Amundi owning 60% and EDF owning 40% of the subsidiary.

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