Societe Generale to sell stake as Amundi floats

IPOAmundi, the French asset manager owned jointly by Credit Agricole and Societe Generale, is to be floated before the end of the year, depending on market conditions. Societe Generale may sell its entire 20% share in the firm, which has €954 billion of assets under management and ranks as one of the world’s largest managers. The purpose of the floatation is to “underpin the continuing development of Amundi and provide liquidity to Societe Generale”, a statement says. Societe Generale’s tier 1 capital would benefit by 20 basis points. However, Credit Agricole plans to keep a majority stake in Amundi and says Amundi plays a key role in its development strategy. Amundi will continue to provide savings and investment services to Societe Generale’s retail and insurance networks on a renewable five-year contract. The plan to float Amundi will be submitted to employee representative bodies. Amundi was created in 2010. In 2014 Credit Agricole bought a further 5% stake in Amundi from Societe Generale for €337.5 million. ©2015 funds europe

Executive Interviews

INTERVIEW: Put your money where your mouth is

Jun 10, 2016

At Kempen Capital Management, they believe portfolio managers should invest in their own funds. David Stevenson talks to Lars Dijkstra, CIO of the €42 billion manager.

EXECUTIVE INTERVIEW: ‘Volatility is the name of the game’

May 13, 2016

Axa Investment Managers chief executive officer, Andrea Rossi, talks to David Stevenson about bringing all his firm’s subsidiaries under one name and the opportunities that a difficult market...


ROUNDTABLE: Beyond the hype

Oct 13, 2016

The use of smart beta investing continues to grow. Our panel, made up of both providers and users, discusses what the strategy actually means, how it should be used and the kind of pitfalls that may arise when using this innovative investment technique.

MIFID II ROUNDTABLE: Following the direction of travel

Sep 07, 2016

Fund management firms Aberdeen and HSBC Global meet with specialist providers to speak about how the industry is evolving towards MiFID II.