Amundi

Corporate brand

A French global asset manager offering mutual funds, ETFs, institutional mandates and investments in real and alternative assets. A France-based global asset management brand offering investment solutions to institutional and retail clients.

Last updated October 14, 2026

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Overview

Amundi is a French asset-management group headquartered in Paris and listed on Euronext Paris. It was established on 1 January 2010 when Crédit Agricole Asset Management and Société Générale Asset Management combined their operations. The new company inherited expertise in collective investment funds, institutional portfolio management, structured products and exchange-traded funds, while also gaining access to the distribution networks of the two founding banking groups. The business serves retail investors, companies, institutional investors, financial advisers and banking-distribution channels. Its principal activities include active management of equity, fixed-income, money-market and multi-asset funds; passive management through ETFs and index funds; employee savings schemes; institutional mandates and dedicated funds; and investment in real estate, private debt, private equity and infrastructure. Amundi also maintains research and investment-analysis capabilities that support portfolio construction and publications on economic and market conditions. The group expanded beyond its original French and European base through acquisitions and partnerships. It acquired U.S. fixed-income specialist Smith Breeden Associates in 2013, Austrian manager Bawag PSK Invest and a majority stake in Kleinwort Benson Investors in 2014, and completed the acquisition of Pioneer Investments from UniCredit in 2017. Pioneer strengthened Amundi's presence in Italy, Germany, Austria and the United States. In 2020, Amundi acquired Sabadell Asset Management in Spain and established a Chinese joint venture with BOC Wealth Management. Its 2021 acquisition of Lyxor Asset Management from Société Générale reinforced its ETF and index-management franchise and helped take assets under management above €2 trillion at the end of that year. Amundi became a publicly traded company in November 2015. Crédit Agricole remained its controlling shareholder after the initial public offering, while Société Générale sold most or all of its previous holding through the flotation and related transactions. In 2024, Amundi agreed to transfer its U.S. business to Victory Capital in exchange for a significant equity interest in Victory and commercial access to products and clients in the United States. The group continues to operate as a broad, multi-channel asset manager, with offerings spanning conventional funds, ETFs, institutional solutions and sustainable, real and alternative investments. A 2025 reference describes Amundi as managing approximately €2.38 trillion in assets and as Europe's largest asset manager; that figure is time-specific and may change with markets, flows and acquisitions.

History

Amundi's origins lie in the asset-management subsidiaries of Crédit Agricole and Société Générale. At the end of 2008, the banks decided to combine Crédit Agricole Asset Management and Société Générale Asset Management in a new entity. A preliminary agreement was signed in January 2009 and a final agreement in July 2009. The agreed ownership structure gave Crédit Agricole 75% and Société Générale 25%, with Yves Perrier, then chief executive of Crédit Agricole Asset Management, appointed to lead the new business. The name Amundi was announced in October 2009, and the company was formed on 1 January 2010 after regulatory approval. The integration proceeded during 2010. It involved workforce reductions as overlapping functions were consolidated, alongside new roles in risk management and commercial distribution. Amundi began with approximately €670 billion in assets under management, giving it substantial scale in European investment management. Initially, its funds were distributed heavily through the banking networks of Crédit Agricole, LCL, Société Générale and Crédit du Nord. Over time, the company sought to diversify its client and distribution base, and by 2015 more than 60% of its assets reportedly came from sources outside those shareholder-bank networks. Amundi's early expansion included a distribution agreement and minority investment in TOBAM, followed by its 2013 acquisition of Smith Breeden Associates in the United States. Smith Breeden brought expertise in dollar fixed-income portfolios and became the basis of Amundi's North American platform. In 2014, Amundi acquired Bawag PSK Invest in Austria and took an 87.5% stake in Kleinwort Benson Investors, which had operations connected with Ireland and the United States. Crédit Agricole also increased its ownership in Amundi by acquiring shares from Société Générale, bringing its holding to 80% before the later public offering process. In June 2015, the shareholders announced plans to list Amundi. The initial public offering took place on Euronext Paris on 12 November 2015. Société Générale used the flotation to sell its interest, while Crédit Agricole sold a minority portion and remained the controlling shareholder. The listing gave Amundi an independent public-market profile while preserving its strategic relationship with Crédit Agricole. A major turning point came with the acquisition of Pioneer Investments from UniCredit. Announced in 2016 and completed on 3 July 2017, the transaction added approximately €242.9 billion in assets under management at the time of completion and strengthened Amundi's distribution and investment capabilities in Italy, Germany, Austria and the United States. The Pioneer brand was retained in the United States for a period through the Amundi Pioneer name. The combined group reported approximately €1.426 trillion of assets under management at the end of 2017. Amundi subsequently developed its real and alternative-assets platform, bringing together real estate, private debt, private equity and infrastructure activities. It formed partnerships connected with renewable-energy finance and French technology investment, including ventures involving EDF and Supernova Invest. The group also expanded its sustainable-investment activity. In 2018 it worked with the International Finance Corporation on a large emerging-markets green-bond vehicle and announced an action plan intended to place ESG considerations across its investments by 2021. In 2020, Amundi acquired Sabadell Asset Management in Spain and agreed a long-term fund-distribution relationship with Banco Sabadell. It also formed Amundi BOC Wealth Management with BOC Wealth Management in China, with Amundi holding the majority stake. In 2021, Amundi agreed to acquire Lyxor Asset Management from Société Générale. Completion brought Lyxor's ETF, index and alternative-investment expertise into Amundi and helped make the group one of Europe's leading ETF providers. Amundi passed €2 trillion in assets under management by the end of 2021. In 2024, Amundi agreed to contribute its U.S. business to Victory Capital in return for a 26.1% stake in Victory and commercial access to Victory's U.S. products and clientele. This represented a strategic reconfiguration of Amundi's direct U.S. operating footprint rather than a withdrawal from international distribution. A 2025 reference places Amundi's assets under management at approximately €2.38 trillion and identifies it as Europe's largest asset manager. Because assets fluctuate with markets, exchange rates and client flows, that figure should be treated as time-specific.

2024
Agreement with Victory Capital
[1]Amundien.wikipedia.org
Amundi agrees to transfer its U.S. business to Victory Capital in exchange for a substantial equity interest and commercial cooperation.
2021
Lyxor acquisition
[1]Amundien.wikipedia.org
Amundi acquires Lyxor Asset Management, strengthening its ETF, index and alternative-investment businesses.
2021
Change of chief executive
[5]Amundi managementabout.amundi.com
Valérie Baudson succeeds Yves Perrier as chief executive.
2020
Sabadell AM acquisition and China joint venture
[1]Amundien.wikipedia.org
Amundi acquires Sabadell Asset Management and establishes a majority-owned wealth-management joint venture with BOC Wealth Management.
2018
ESG action plan
[1]Amundien.wikipedia.org
Amundi announces a plan to integrate ESG considerations across its investment activities by 2021.
2017
Pioneer Investments integration
[1]Amundien.wikipedia.org
Amundi completes the acquisition of UniCredit’s Pioneer Investments business, strengthening its European scale and distribution.
2015
Initial public offering
[1]Amundien.wikipedia.org
Amundi becomes listed on Euronext Paris, with Crédit Agricole retaining control after Société Générale sells its stake.
2014
Expansion into Austria and additional international markets
[1]Amundien.wikipedia.org
Amundi acquires Bawag PSK Invest and takes a majority stake in Kleinwort Benson Investors.
2013
Smith Breeden acquisition
[1]Amundien.wikipedia.org
Amundi acquires U.S. fixed-income specialist Smith Breeden Associates.
2010
Amundi is established
[1]Amundien.wikipedia.org
Amundi begins operations on 1 January following the merger of Crédit Agricole Asset Management and Société Générale Asset Management.
2010
Amundi Founded
[2]Amundi corporate websiteamundi.com
Crédit Agricole and Société Générale integrated their respective asset management businesses to form Amundi.
2009
Agreement to combine the two banks' asset managers
[1]Amundien.wikipedia.org
Crédit Agricole and Société Générale sign agreements providing for the creation of a jointly owned asset-management company.

Products and positioning

A diversified, institutionally oriented asset manager combining active and passive investment capabilities with broad retail distribution, banking partnerships and sustainable, real-asset and alternative-investment expertise. A comprehensive, international asset management platform for institutional and individual clients, emphasizing the combination of active management, index investing, and multi-asset solutions. A large European and global asset manager combining active management, indexed and ETF products, institutional solutions, responsible investment and the distribution reach of Crédit Agricole Group.

Collective investment · 2010
Active mutual funds
Amundi manages collective funds covering equities, government and corporate bonds, money-market instruments, diversified portfolios, structured strategies and other asset classes. These funds are distributed through banks, financial intermediaries and other channels to retail and institutional investors. The specific risk, liquidity, geographic and sector exposures vary by fund. Amundi offers mutual funds covering multiple asset classes for retail, institutional and intermediary clients, including equity, fixed-income and multi-asset strategies.
Exchange-traded funds and index investing · 2010
Amundi ETF
Amundi ETF provides exchange-traded exposure to equity, bond, regional, national, sectoral and thematic indices and strategies. The platform grew from ETF capabilities inherited from Crédit Agricole's structured-asset-management activities and was later strengthened by the integration of Lyxor. Products are designed for investors seeking listed, generally rules-based portfolio exposure. Amundi’s ETF business provides exchange-traded exposure to equity, fixed-income, commodity, regional, thematic, factor and sustainable indices. The range serves institutional and individual investors seeking transparent, liquid and generally rules-based portfolio exposure. Products are distributed across European and international markets and include both broad-market and more specialized strategies.
Investment-management services · 2010
Institutional investment management
Amundi manages portfolios for pension funds, insurers, companies, public institutions, banks and other professional clients through mandates, dedicated funds and pooled vehicles. The service can incorporate strategic asset allocation, active security selection, liability or risk constraints and client-specific sustainability requirements.
Workplace savings
Employee savings solutions
In France, Amundi has a prominent employee-savings business that provides investment vehicles and administration for workplace savings arrangements. These solutions allow employees and employers to direct eligible savings into diversified funds and other regulated investment products.
Alternative investments · 2016
Real and alternative assets
Amundi's real and alternative-assets platform covers real estate, private debt, private equity and infrastructure. Investments may be offered through dedicated vehicles, funds or institutional mandates. The platform has included property investment, financing for companies and projects, renewable-energy initiatives and technology-focused private-equity activity.
ESG investment · 2018
Sustainable-investment strategies
Amundi offers investment strategies incorporating environmental, social and governance analysis and has developed green-bond and emerging-market sustainability products. ESG integration is applied across relevant active, passive and institutional offerings, subject to each product's stated methodology and regulatory classification.
Passive investing
ETFs and index solutions
Its ETF and index products are designed to track market indices or specified benchmarks and provide transparent, tradable and scalable investment exposures.
Institutional asset management
Institutional mandates
Institutional mandates provide tailored portfolio management, risk controls and reporting for pensions, insurers, companies and other professional investors.
Mutual funds and active management · 2010
Active investment funds
Amundi manages actively selected equity, bond, multi-asset, money-market and alternative strategies. Portfolio teams use fundamental research, quantitative methods, macroeconomic analysis and risk controls according to the mandate. These funds are distributed through banks, advisers, wealth platforms and institutional channels.
Institutional investment solutions · 2010
Institutional asset management
The institutional business manages segregated mandates, pooled vehicles and customized portfolios for pension institutions, insurers, corporations, sovereign entities, public-sector organizations and other professional investors. Services can include liability-aware fixed income, equities, multi-asset allocation, cash management, fiduciary management and responsible-investment implementation.
Sustainable and impact investing
Responsible investment and climate solutions
Amundi offers strategies incorporating environmental, social and governance analysis, exclusions, active ownership, climate-transition objectives and impact frameworks. The range includes actively managed funds, index products and institutional mandates. Product definitions and disclosures are shaped by European sustainability regulation and the investment objectives of each fund.
Alternative and real-asset investment
Real assets and private markets
Amundi provides access to investment strategies linked to real estate, infrastructure, private debt, private equity and other less-liquid assets. These offerings are generally designed for institutional, professional or qualified investors and may involve longer investment horizons, valuation constraints and reduced liquidity compared with listed funds.

Controversies

2021
French regulator fines Amundi entities and Tullett Prebon
France's AMF fined Amundi Asset Management €25 million, Amundi Intermediation €7 million and Tullett Prebon €5 million after finding they manipulated prices in the Euro Stoxx 50 Futures market. Amundi disputes the market-manipulation claims and appealed the decision; it had reimbursed the client before the decision.
Source

20182021 ESG Action Plan
International
Amundi announced a programme to extend ESG integration across its investment activities, alongside efforts to expand responsible-investment products and stewardship practices. The stated target was to align all group assets under management with ESG criteria by 2021; the supplied material does not provide a complete independent assessment of implementation.
Outcome. The stated target was to align all group assets under management with ESG criteria by 2021; the supplied material does not provide a complete independent assessment of implementation.
Source
2018Emerging-market green-bond fund with the International Finance Corporation
Emerging markets · International
Amundi and the International Finance Corporation launched a vehicle intended to support green-bond investment in emerging-market countries. The fund was described at launch as a major green-bond vehicle; later performance and impact data are not specified in the supplied material.
Outcome. The fund was described at launch as a major green-bond vehicle; later performance and impact data are not specified in the supplied material.
Source
Responsible investment program
Global
Amundi has promoted ESG integration, stewardship, climate analysis and responsible-investment products as central elements of its investment approach and corporate positioning. The program supports a broad range of sustainability-focused funds and institutional mandates, although product-level objectives and regulatory classifications vary.
Outcome. The program supports a broad range of sustainability-focused funds and institutional mandates, although product-level objectives and regulatory classifications vary.
Source

Brand decisions

2024
Transfer of U.S. business to Victory CapitalM&A
Background
Amundi decided to restructure its direct U.S. operating presence while preserving access to the U.S. market and products.
Action taken
Amundi agreed to contribute its U.S. business to Victory Capital in return for a 26.1% stake in Victory and commercial access to its products and clientele.
Aftermath
The transaction repositioned Amundi's U.S. activities through a strategic partnership rather than a wholly owned operating platform.
Source
2021
Acquisition of Lyxor Asset ManagementM&A
Background
Amundi aimed to strengthen its passive-management, ETF, index and alternative-investment capabilities.
Action taken
Amundi acquired Lyxor from Société Générale.
Aftermath
The combination increased Amundi's ETF scale and helped it exceed €2 trillion in assets under management by the end of 2021.
Purchase price. €825 million (Announced 2021)
Source
2017
Acquire Pioneer InvestmentsM&A
Background
Amundi pursued greater scale and broader distribution in European asset management.
Action taken
It completed the acquisition of UniCredit’s Pioneer Investments business.
Aftermath
The transaction expanded Amundi’s clients, investment teams, products and European distribution footprint.
Source
2016
Acquisition of Pioneer InvestmentsM&A
Background
Amundi sought additional scale and broader distribution in European markets.
Action taken
Amundi agreed to acquire UniCredit's Pioneer Investments business and completed the transaction in 2017.
Aftermath
The integration expanded Amundi's assets, client base and presence in Italy, Germany, Austria and the United States.
Purchase price. €3.5 billion (Announced December 2016; transaction completed July 2017)
Source
2015
Public listing on Euronext ParisStrategy
Background
The founding shareholders sought to provide Amundi with a public-market listing while allowing Crédit Agricole to retain control.
Action taken
Amundi completed its initial public offering and began trading on 12 November 2015.
Aftermath
The company became a listed asset manager, with Crédit Agricole remaining its majority shareholder.
Source
2015
List Amundi on Euronext ParisStrategy
Background
After operating as a jointly owned asset manager, Amundi moved to a listed-company structure.
Action taken
The company completed an initial public offering; Société Générale sold its interest and Crédit Agricole retained control.
Aftermath
Amundi gained a public market listing while remaining part of the Crédit Agricole Group.
Source
2010
Combine the asset-management operations of Crédit Agricole and Société GénéraleM&A
Background
The two banking groups sought greater scale and a stronger European position in investment management.
Action taken
They created Amundi by combining their principal asset-management businesses.
Aftermath
Amundi became a major European investment manager and later pursued a public listing and international expansion.
Source

Recent events

Unconfirmed
French regulator fines Amundi entities and Tullett Prebon[9]French regulator fines Amundi entities and Tullett Prebonthetradenews.com
Reported: 2021-08-10
France's AMF fined Amundi Asset Management €25 million, Amundi Intermediation €7 million and Tullett Prebon €5 million after finding they manipulated prices in the Euro Stoxx 50 Futures market. Amundi disputes the market-manipulation claims and appealed the decision; it had reimbursed the client before the decision.
2021-06-02
Amundi appoints Hong Kong CEO[10]Amundi任命香港首席执行官finews.asia
Reported: 2021-06-02
Amundi named Kerry Ching Hong Kong CEO for its Hong Kong business.
2021-04-27
Amundi adds euro corporate bond ETF to Climate ETF range[11]Amundi将欧元企业债券ETF纳入气候ETF系列funds-europe.com
Reported: 2021-04-27
Amundi added a fixed-income fund investing in investment-grade euro corporate bonds to its Climate ETF range. The fund is listed on the German Xetra exchange and aligns with the Paris Agreement.
2021-02-10
Amundi reports record fourth-quarter profit[12]Amundi报告第四季度创纪录利润investmentweek.co.uk
Reported: 2021-02-10
Amundi reported its highest-ever profit in the fourth quarter, at €288 million, and net inflows of €14.4 billion during the three months.
2021-02-10
Amundi announces Valérie Baudson will succeed Yves Perrier[12]Amundi报告第四季度创纪录利润investmentweek.co.uk
Reported: 2021-02-10
Amundi announced that CEO Yves Perrier would pass the reins to Valérie Baudson on 10 May, when Perrier would become chair of Amundi's board.
2020-07-01
Amundi completes Sabadell Asset Management acquisition[13]Amundi完成对Sabadell Asset Management的收购ipe.com
Reported: 2020-07-01
Amundi finalized its acquisition of 100% of Sabadell Asset Management, excluding Urquijo Gestion.
2020-04-16
CACEIS and Amundi partner on front-to-back offering[14]CACEIS与Amundi合作推出前台至后台服务方案globalcustodian.com
Reported: 2020-04-16
CACEIS partnered with Amundi to create a front-to-back outsourcing platform combining Amundi's portfolio management system with CACEIS's middle- and back-office services.

Sources15 sources

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