Birth of Amund, giant asset management
December 23, 2009
Done. The European Commission on Tuesday gave the green light. The reconciliation of the two societies of Credit Agricole and Societe Generale, which was announced in January 2009, will therefore be able to achieve. "The entity will be an important player in asset management with regard to individuals, but three other major suppliers addressing those individuals remain present on the French market," said the Competition Commission. Retail banks of the two banks account for 50 million individual customers worldwide. And in France, four networks are concerned, those of Cr?dit Agricole, Societe Generale, LCL and Cr?dit du Nord.
The new company, named Amund, will be established on 1 January, Yves Perrier, current CEO of CAAM Group (Cr?dit Agricole Asset Management), will be the CEO.The merger creates a giant asset management, number three in Europe after AXA and Allianz and the top ten worldwide.
The new entity will have 650 billion euros under management (480 from Cr?dit Agricole and 170 from Societe Generale). The capital allocation is a function of the assets, Credit Agricole will own 75% then the new company, the Societe Generale 25%. For it is a page turned. General The Company maintains its flagship product management alternatives, but the pilot loses the rest of its asset management. After Barclays and Credit Suisse is the third significant player coming out of this business. A young professional, who has thirty years and which should profoundly change in the coming years.
A changing business
The challenge of agricultural credit is to manage four different networks into one "factory".If it holds, the group well in a second time to urge others to join this platform management. It is also a milestone for the Paris market. At the competition between places Anglo-Saxon and Continental, the creation of an actor reference is timely.
The reconciliation of management teams and business will now be able to implement. In the key synergies: the creation of the new plant management should reduce the cost of 120 million euros, half of which costs. The group does not provide for forced departures but reclassifications will occur. Societe Generale has also undertaken to include those who wish.
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