0RDX.IL - AMUNDI SA AMUNDI ORD SHS

IOB - IOB Delayed price. Currency in EUR
77.15
-0.12 (-0.16%)
As of 10:30AM GMT. Market open.
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Previous close77.28
Open77.10
Bid75.15 x 0
Ask79.00 x 0
Day's range76.45 - 77.55
52-week range53.50 - 77.90
Volume1,769
Avg. volume33,591
Market capN/A
Beta (5Y monthly)N/A
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • Bloomberg

    Credit Agricole CEO Brassac Boosted by Investment Bank Gain

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Credit Agricole SA benefited from record inflows at its asset-management unit and higher revenue at the investment bank in the fourth quarter, bolstering Chief Executive Officer Philippe Brassac after he unveiled his new targets.Revenue from capital markets and investment banking rose by more than half, in a period that saw a surge in trading revenue at most Wall Street banks, helping revenue at the French lender beat estimates. Net income of 1.66 billion euros ($180 billion) was also better than expected.Brassac is betting on corporate banking and asset management for growth to offset the impact of low or negative interest rates and rising capital requirements. The bank in December wrote down the value of its French retail banking division LCL by about 600 million euros to reflect the tougher environment the lender faces.Net income was boosted by more than 1 billion euros from a favorable tax ruling, which more than offset the writedown on the French retail business. The dividend was increased by 1.4% to 70 cents, the bank said.Credit Agricole rose as much as 1.1% in early Paris trading, before reversing gain to trade 1.1% lower at 9:49 a.m. Before today, the stock had gained 38% over the past 12 months, making it the second-best performer in the Stoxx 600 Banks Index.Record InflowsCredit Agricole is more diversified and less dependent than rivals BNP Paribas SA and Societe Generale SA on trading, and it has been able to turn to acquisitions to support growth. The lender is among the firms that have come up as potential buyers for HSBC Holdings Plc’s French retail operations, though Jerome Grivet, the chief financial officer, on Friday said he isn’t interested.Credit Agricole is considering deals to grow its asset management unit or the specialized financial services business, but not in French retail, where it already has a large presence, he said in an interview with Bloomberg TV.Its giant asset manager, Amundi SA, has grown into Europe’s largest with the help of acquisitions, making it a model for rivals seeking to consolidate. Amundi on Wednesday raised its dividend and reported record net inflows of 76.8 billion euros in the fourth quarter after a new pension mandate in India.Brassac’s TargetsAmundi’s development will be “amplified with two strategic initiatives,” its partnership with Spain’s Banco Sabadell SA and a Chinese subsidiary created in partnership with Bank of China, Yves Perrier, the asset manager’s CEO said in a statement.Brassac has reorganized Credit Agricole’s structure and sold less-strategic holdings over the past years while seeking partnerships with other companies. The CEO in June pledged to boost net income by more than 600 million euros over three years and drive down costs, after meeting previous key targets ahead of schedule.The lender affirmed those targets in December, when it announced the goodwill charge at LCL. Credit Agricole merged with Credit Lyonnais in 2003 and the latter went on to focus on retail banking and adopted the LCL brand in 2005, according to the company’s website.(Updates with CFO comments in seventh paragraph.)To contact the reporter on this story: Dale Crofts in Zurich at dcrofts@bloomberg.netTo contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Christian Baumgaertel, Ross LarsenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • European Fund Giant’s Triumph Has Valedictory Air
    Bloomberg

    European Fund Giant’s Triumph Has Valedictory Air

    (Bloomberg Opinion) -- Yves Perrier, the chief executive officer of Amundi SA, has said for several years that his aim is to make Asia a second domestic market for his firm. In 2019, the business started to deliver on that promise — which could pave the way for Perrier, who’s spent the past decade building Amundi into Europe’s biggest fund manager, to depart on a high.Amundi, which oversees more than 1.6 trillion euros ($1.8 trillion), doubled its Asian business last year to 300 billion euros, figures released on Wednesday show, with the region contributing almost a fifth of the firm’s assets under management. And while the Paris-based firm still depends on its domestic market for 54% of its assets, that share is down from more than 60% in early 2017.Big wins in India, where two new pension fund mandates contributed 74 billion euros of inflows, helped Amundi swell its total assets under management by 16% last year.But it’s China that offers the greatest potential. Amundi already has a 33% stake in a joint venture with Agricultural Bank of China in fund management that has almost 68 billion euros of assets. The French firm reckons that the total Chinese market, worth 7 trillion euros, is growing at an annual rate of between 10% and 15%.In December, Amundi became the first foreign firm authorized to take majority control of a joint venture in wealth management, after Chinese regulators loosened the rules last year. It’s teaming up with Bank of China, the country’s fourth-largest bank with 500 million retail customers and 11,000 branches. That gives Amundi a fantastic platform to market its investment products, which cover the gamut including active, passive and alternative strategies, to China’s growing middle class.But there’s an oddly valedictory feel to Wednesday’s results presentation, with several references to Amundi’s performance since 2010, the year Perrier formed the company by merging the asset management businesses of Credit Agricole SA and Societe Generale SA. I couldn’t find any similar long-term references in last year’s results submission.Perrier, who is 66, has consistently dodged questions about a possible successor, although he did say in December 2018 that he’d like the next boss of his firm to be a woman. With Amundi making good on its stated ambition to be “the European leader with global ambitions,” he’d be well within his rights to decide 2020 is the year to ride off into the sunset.To contact the author of this story: Mark Gilbert at magilbert@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    France's Amundi assets rise to 1.65 trillion euros in 2019

    French asset manager Amundi reported a 36.5% rise in fourth-quarter profit, as risk aversion on financial markets gradually returned to normal and 76.8 billion euros of new investor cash rolled into its funds. Since its initial public offering in 2015, Amundi has been on an expansion spree, effectively buying Unicredit's Pioneer and Sabadell's asset management business while also stepping up joint ventures in countries like China or India. The record inflows in the fourth quarter include 59.6 billion euros received thanks to a new "institutional mandate (pension fund)" at its Indian joint venture.

  • Better Days Are Here for Fund Managers
    Bloomberg

    Better Days Are Here for Fund Managers

    (Bloomberg Opinion) -- What a difference a year makes.This time in 2019, all of the numbers at DWS Group GmbH were heading in the wrong direction. Four consecutive quarters of outflows in 2018 drove assets under management to their lowest in at least two years, revenue declined, and the firm’s cost to income ratio rose. The German fund manager was far from alone in feeling the squeeze bedeviling its industry.So the turnaround reported by DWS on Thursday augurs well for its European peers — at least those able to offer clients the cheap passive investment products that are all the rage.Chief Executive Officer Asoka Woehrmann, who took charge in late 2018, has been buoyed by a rising tide of market gains last year that has reinvigorated investor appetite for socking cash away with money managers. DWS’s fellow fund managers are likely to have enjoyed a similar rebound in flows, particularly in the fourth quarter.The firm, still 80% owned by Deutsche Bank AG, attracted net inflows of 13.2 billion euros ($14.5 billion) in the final three months of last year, double what it achieved in the prior quarter and topping off a stellar year for growing assets under management.More than 19 billion euros of 2019’s inflows came into passive products, with DWS making the most of its position as Europe’s second-biggest provider of exchange-traded funds to capitalize on investor enthusiasm for index trackers. By contrast, the firm’s active funds suffered net outflows of more than 3 billion euros last year. Active management, it seems, still has an image problem.Woehrmann has proven more successful than his predecessor Nicolas Moreau at aligning expenses with revenue, with the company’s cost-income ratio dropping to 67.6% last year from 70.9% in 2018, putting next year’s goal of a 65% ratio in sight.With assets under management climbing to 767 billion euros ($844 billion), an increase of 105 billion euros in the year, DWS remains short of qualifying for the $1 trillion club that all of the world’s big fund managers aspire to join. Woehrmann has made growth through acquisitions a “personal ambition,” but Chief Financial Officer Claire Peel told Bloomberg Television on Thursday that the firm is “not in a hurry” to do deals.Maybe it should be. Amundi SA, Europe’s biggest fund manager, is adding almost 22 billion euros to its 1.6 trillion euros of assets after agreeing earlier this month to buy Banco de Sabadell SA’s business. The acquisition will make the French firm one of the biggest fund managers in Spain.It’s the kind of deal Woehrmann should be competing for if he’s to challenge Amundi’s growing dominance in Europe. Negotiations to combine DWS with UBS Group AG’s fund management unit failed to produce an agreement last year; if Deutsche Bank is committed to growing DWS into one of the world’s top 10 asset managers, as it has said, Woehrmann will have to make good on his pledge to play an “active role” in industry consolidation.To contact the author of this story: Mark Gilbert at magilbert@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Amundi, BlackRock Close In on Billion-Euro Funds on ESG Boom
    Bloomberg

    Amundi, BlackRock Close In on Billion-Euro Funds on ESG Boom

    (Bloomberg) -- Socially and environmentally conscious investing, one of finance’s newest and fastest growing sectors, is poised to get its first 1 billion-euro ($1.1 billion) credit fund, with Amundi SA and BlackRock Inc. vying to be the first ETF manager to cross that mark after a year of explosive growth.The Amundi euro corporate SRI exchange-traded fund and BlackRock’s iShares euro corporate ESG fund are both less than 75 million euros away from the landmark. Just one year ago, neither environmental, social and governance fund had 150 million euros, based on data compiled by Bloomberg.The skyrocketing assets reflect a wider surge in credit investors using ESG criteria, partly to support ethical policies and partly in an attempt to find a competitive edge. The Europe-centered boom is prompting more fund managers to roll out ESG credit products including Pacific Investment Management Co. and Twentyfour Asset Management.“Flows to ESG funds are pretty much on a 45-degree angle upward,” said Trevor Allen, a sustainability research analyst at BNP Paribas SA. “Credit is definitely lagging equity, but ESG is now a mainstream topic and it’s catching up rapidly.”The Amundi fund tracks the 2 trillion-euro Bloomberg Barclays MSCI Euro Corporate SRI index. BlackRock’s fund is tied to a 1.65 trillion-euro Bloomberg Barclays euro corporate sustainability benchmark.ESG SwitchInvestors are switching money from non-ESG ETFs to ESG equivalents, spurred by concerns such as climate risk, according to Vasiliki Pachatouridi, who leads fixed income strategy at BlackRock’s iShares, the world’s largest ETF operator.“This is a multi-asset class story, not only applicable to fixed income,” she said. “I expect the range of ESG funds to keep growing.”Representatives at Amundi didn’t reply to requests for comment.Even with two funds closing in on 1 billion euros, ESG remains a small corner of the credit ETF market. Europe’s largest credit ETF, the iShares core euro corporate bond fund, has almost 14 billion euros of assets.The comparatively small size of the about 21 ESG credit exchange-traded funds worldwide may damp growth, as prospective buyers may be concerned about liquidity in funds not very widely held. Underlying indexes may also not yet be on investors’ approved lists.Size Constraints“ETFs and funds need to reach a certain size and cost profile before certain types of investors will invest,” said Andrew Craswell, who is responsible for ETF business development in Europe at Brown Brothers Harriman & Co.The New York-based private bank also said that “stated enthusiasm” for ESG “is somewhat at odds with what we see in the market” after carrying out a survey that suggested three-quarters of investors planned to increase their ESG allocations in next year.Still, the boom in new credit ESG products shows little signs of slowing. Pimco recently introduced an actively managed ESG credit ETF in the U.S., while Twentyfour debuted a mutual fund last week.Demand for Twentyfour’s sustainable short-term bond fund quickly surpassed expectations, even after the company gauged potential interest from large clients during the months-long development process, according to manager Chris Bowie.“We’ve been really astounded,” he said. “Everyone’s hot on the topic.”To contact the reporter on this story: Tasos Vossos in London at tvossos@bloomberg.netTo contact the editors responsible for this story: Vivianne Rodrigues at vrodrigues3@bloomberg.net, Neil Denslow, Hannah BenjaminFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Will Standard Life Aberdeen Be a Winner or a Zombie?
    Bloomberg

    Will Standard Life Aberdeen Be a Winner or a Zombie?

    (Bloomberg Opinion) -- It’s showtime for Keith Skeoch. Almost three years since he and Martin Gilbert agreed to create Standard Life Aberdeen Plc, he’s now flying solo as chief executive officer of the U.K.’s biggest standalone asset manager. For the fund behemoth to be valued by investors and analysts at more than the sum of its parts, it needs to either consistently outperform its benchmarks, or unlock the value of its captive assets — or, better yet, both. It won’t be easy. The storm engulfing the fund management industry has strengthened since Gilbert’s Aberdeen Asset Management and Skeoch’s Standard Life merged — and the difficulties of combining two different cultures have arguably deterred rivals from seeking similar tie-ups. Customers have withdrawn money in every single quarter since the merger was completed in August 2017, reducing assets under management to 577.5 billion pounds ($753 billion) at the mid-year point, from 670 billion pounds when the deal was completed .While Skeoch insists that doing the deal was still the right move, the company he oversees is now worth about 7.7 billion pounds, down from 13 billion pounds at the time of the merger.To be fair, the entire asset-management industry faces tough conditions. The relentless downward pressure on fees for managing other people’s money shows no signs of abating, while the need to invest in information technology has led to an expensive arms race.  It’s so dire, according to PGIM CEO David Hunt, that as many as 80% of the industry’s players will become “zombie firms” as the disparity between winners and losers widens. Standard Life Aberdeen’s shares have rallied 28% this year. But that lags the gains of more than 50% posted by France’s Amundi SA, Europe’s biggest fund manager with 1.6 trillion euros ($1.8 trillion) of assets, and the 33% from Germany’s DWS Group GmbH, which oversees about 750 billion euros.With U.K. financial assets out of favor with investors for much of this year and domestic investors pulling money out of  the stock market, the U.K. firm has fared worse than its competitors in Europe. But its lack of an exchange-traded funds business —  DWS ranks second in Europe for ETFs, while Amundi lies fifth —  has left Standard Life Aberdeen dependent on active management at a time when customers are shifting more and more money into low-cost passive investment products. It’s probably too late to build a passive business, while Skeoch’s view that the margins on those products are too low to be attractive makes buying a rival’s unit unlikely. So the firm remains a non-player in originating business in a market that Bloomberg Intelligence estimates has grown by more than 30% this year, reaching 884 billion euros in assets. Nevertheless, analysts see value in Standard Life Aberdeen, with nine saying its shares are worth buying, nine rating it a hold, with a single sell recommendation.For one thing, it has an unusually large number of stakes in other companies, certainly compared with its asset manager peers. It owns about 20% of Phoenix Group Holdings Plc after selling its insurance business in February 2018, as well as about 15% of HDFC Life Insurance Co. and 27% of HDFC Asset Management, both based in India. In total, those stakes are worth about 5 billion pounds.Analysts at UBS AG reckon a useful way to value those shareholdings is by calculating how much cash they have the potential to generate, which gives a lower value but still suggests that investors are undervaluing Standard Life Aberdeen’s core competency.The market capitalization numbers for Standard Life Aberdeen and the three companies it owns chunks of have moved a bit since UBS published that report last month. And, earlier this month, the company proposed raising as much as $380 million by reducing its stake in HDFC AM, as Skeoch makes good on his August promise to “unlock the value of the assets on the balance sheet.”But the basic premise remains true: The market is assigning a minimal value to Standard Life Aberdeen’s core business.The pace of asset sales has increased since the arrival of Douglas Flint, who’s been chairman since the start of this year. He was also instrumental in resolving the dual CEO structure: Gilbert told the Daily Mail that he decided to step down to avoid having Flint “tap me on the shoulder and say `come on, it’s time to go.’” He’ll quit the firm altogether next year.There may be worse to come on the assets front for Skeoch. Analysts at Numis Securities Ltd. estimate that net outflows for this year will approach 80 billion pounds with a further 38 billion pounds set to depart next year, leaving assets under management at 515 billion pounds by the end of 2020 — a far cry from the $1 trillion club that Gilbert was so keen to join. The key to retaining existing investor funds and luring more customers lies in generating outsize returns. On that front, the merger seems to have been a distraction. In 2018, only half of the firm’s funds were ahead of their benchmarks on a three-year basis. While that had improved to 65% by the middle of this year, just 53% outperformed on a one-year calculation, with 40% lagging their benchmarks over a five-year horizon. Skeoch, an economist by training, lacks the razzmatazz that Gilbert brought to the party. But his main priority in the coming year will be to galvanize his sales force to stanch those outflows and his portfolio managers to focus on beating the markets — otherwise he, too, may start to fear a tap on the shoulder.\--With assistance from Elaine He.To contact the author of this story: Mark Gilbert at magilbert@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg

    SocGen Needs a Magic Wand More Than a New CEO

    (Bloomberg Opinion) -- The clock is ticking for Frederic Oudea. After more than 11 years running Societe Generale SA, the French bank is searching for an eventual successor. A new leader may bring a change of course, but undoing the lender’s strategic missteps will require some fancy footwork.SocGen wants a replacement to succeed the 56-year-old Frenchman once his term expires in three years, Bloomberg News reported this week. That a search is underway shows SocGen knows it needs to look beyond the obvious contenders, Oudea’s deputies — an acknowledgment that succession planning hasn’t gone well.And Oudea might be replaced before his term expires, according to Bloomberg. That the bank should be open to finding a new chief executive officer just months after reconfirming Oudea signals a lack of confidence in his restructuring plan, the bank’s biggest in years.SocGen’s shares value it at less than half of its tangible book; that’s well below its big domestic peers. BNP Paribas SA and Credit Agricole SA trade at more than 77% and 87% of book, respectively. No wonder the board is concerned.After failing to meet revenue, cost to income and profitability targets in his previous three-year plan, Oudea is cutting another 2,000 jobs, retreating from parts of fixed-income trading and selling some smaller foreign offshoots to improve capital. The moves are helping somewhat. The bank’s CET1 ratio — a measure of its ability to absorb potential losses — rose almost 50 basis points to 12.5% at the end of the third quarter, ahead of its own 2020 target.The trouble is that SocGen is far too exposed to a cut-throat, low-margin French consumer banking business, and a volatile investment bank. The two units made up a combined 60% or so of group revenue in the third quarter, and 50% of operating income. Revenue was flat in the retail business and fell in investment banking. Income from equities plunged, a reminder that even the bank’s areas of traditional strength cannot be relied upon when markets turn against them.While there were higher returns in the company’s insurance, car leasing and international businesses, SocGen’s exit from asset management has left it less diversified than peers. While the need to bolster capital didn’t give Oudea much choice but to sell Amundi SA, the strategy is hurting.With capital buffers just about where they need to be, Oudea or a potential successor are somewhat constrained. Dipping back into fund management now might be costly.Unless the outlook for interest rates improves, or there’s a sustained rebound in investment banking, it’s hard to see an alternative to finding more cuts, reducing risk and quitting non-core businesses. Making SocGen palatable to a potential buyer isn’t very aspirational but it’s better than standing still.To contact the author of this story: Elisa Martinuzzi at emartinuzzi@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Negative Interest Rates Are Destroying Our Pensions
    Bloomberg

    Negative Interest Rates Are Destroying Our Pensions

    (Bloomberg Opinion) -- It’s becoming increasingly apparent that the negative interest rates introduced in several countries in the wake of the global financial crisis are trashing bank profitability. Less obvious, though perhaps more crucial for society as a whole, are their debilitating impact on pension plans. And that’s why the days of sub-zero borrowing costs may be drawing to a close.Later this week, Sweden’s central bank is poised to abandon the negative interest rate policy it’s pursued for half a decade by increasing its key policy rate to zero even though inflation is expected to remain stubbornly below target for years to come.Riksbank Governor Stefan Ingves has said negative rates were always meant to be “a temporary measure,” and that the central bank would “most probably” raise borrowing costs when it meets on Thursday. There’s been some pretty stern criticism of the likely move, with former central banker Lars E.O. Svensson condemning the plan for being based on an “irrational fear” of negative rates.There’s nothing irrational, however, in fearing the economic consequences of keeping borrowing costs below zero for a sustained period of time. The emergency measures introduced to resuscitate growth, including central banks expanding their balance sheets by embarking on quantitative easing, were supposed to be transient. Instead, they’ve become fixtures of the economic firmament.It’s been disastrous for pension plans. A 1% decline in interest rates increases calculated pension liabilities by about 20%. It reduces the funding ratio, which measures a pension provider’s ability to meet its future commitments, by about 10%. Those estimates come from a survey of 153 European pension providers with 1.9 trillion euros ($2.1 trillion) of assets sponsored by Amundi SA, Europe’s biggest asset manager, and published by Create-Research earlier this month.As a group, European pension plans are in more trouble than ever before. Almost a quarter have funding levels of 90% or below, with fewer than a third enjoying more than 100% cover of their future liabilities, according to the survey. Moreover, 40% are suffering negative net cash flows, compared with 33% enjoying positive flows. They blame a lot of their woes on the actions of central bankers, with 62% of respondents agreeing that “QE has overinflated pension liabilities.” Half said they felt that “QE has undermined the longer-term financial viability of pension plans.” That’s quite something, especially given that the bulk of respondents reckon the bond-buying policies pursued by many central banks have become ineffective.With about $11.7 trillion of the world’s debt yielding less than zero, the funds that run pension plans are anticipating meager returns from the assets they manage.Those low returns store up trouble for the future. It’s especially worrying as responsibility for putting aside retirement cash is increasingly transferred to individuals and away from companies and governments. Danish central bank Governor Lars Rhode went so far as to call the burden unacceptable: “The task of bolstering the pension system to withstand pressures from lower rates and higher dependency ratios cannot be delegated to the individual pension saver,” he said earlier this month.At the moment, a halt to the extraordinary policy measures introduced in the wake of the global financial crisis may not seem imminent, with the Federal Reserve having backtracked on its efforts to normalize borrowing costs and the European Central Bank restarting its QE program earlier this year. But doubts about the ongoing usefulness of such extreme monetary actions are growing.  Pacific Investment Management Co. joined the chorus last month, with Nicola Mai and Peder Beck-Friis saying in a report that sub-zero rates  “create significant challenges” for the pensions industry. They argued that the prevailing “negative rate policy does not have much further room to run” as the unintended consequences become more and more apparent.If the Swedish central bank’s newfound skepticism about the efficacy of negative rates becomes as widespread as its previous enthusiasm for sub-zero borrowing costs, relief could be in sight for pension providers — and the workers depending on their nest eggs to fund a comfortable retirement.To contact the author of this story: Mark Gilbert at magilbert@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters

    French asset manager Amundi confirms profit target even after outflows

    French asset-manager Amundi reiterated its 2020 profit target even after registering outflows during the first half of the year, since bullish markets have been boosting its margins. Amundi's adjusted net profit for the second quarter rose 2.3% percent to 258 million euros (£236.6 million), on the back of a general recovery of markets after a downturn in late 2018. Amundi registered 11.7 billion euros in net outflows, he said.

  • Amundi eyeing DWS deal but only if it can take control - source
    Reuters

    Amundi eyeing DWS deal but only if it can take control - source

    France's largest asset manager Amundi is exploring a deal to merge its operations with Deutsche Bank's listed asset manager DWS but only if it can take control, a source familiar with Amundi's strategy said. The idea of merging DWS with a peer emerged in recent months as Deutsche Bank discussed a possible merger with smaller rival Commerzbank, although those talks have since ended in failure. "Amundi would not necessarily buy all [of DWS] and would be ready to leave a stake of DWS listed on the stock market, but there is no point in being a minority partner," the source said.

  • Allianz, Amundi considering tie-ups with Deutsche Bank's DWS - sources
    Reuters

    Allianz, Amundi considering tie-ups with Deutsche Bank's DWS - sources

    Allianz and Amundi are considering rival deals to tie up their asset management units with Deutsche Bank's DWS, sources close to the matter said on Wednesday. Any deal to merge DWS with a peer and give it additional scale could also be presented as a strategic revamp of the troubled bank, in case Commerzbank talks fail.

  • Reuters - UK Focus

    Allianz, Amundi considering tie-ups with Deutsche Bank's DWS -sources

    Allianz and Amundi are considering rival deals to tie up their asset management units with Deutsche Bank's DWS, sources close to the matter said on Wednesday. Their interest comes as Germany's biggest ...

  • Reuters - UK Focus

    Allianz, Amundi consider options for deal with DWS - sources

    Allianz and Amundi are each considering their options in a potential deal with Deutsche Bank's asset management unit DWS, people close to the matter said on Wednesday. Germany's biggest insurer and the French asset manager mostly owned by Credit Agricole, are each working with advisors to examine a possible deal, the people said. Allianz has lined up Barclays to advise on a potential transaction, which could be structured as a merger between Allianz Global Investors and DWS, the people said.

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