October 27, 2017 / 5:47 AM / 2 months ago

REFILE-Amundi CEO says "we've done our part" in asset management consolidation

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PARIS, Oct 27 (Reuters) - Amundi’s chief executive Yves Perrier said the company had played its part in asset management consolidation and was now focused on integrating Pioneer Investments, which it bought from Unicredit for 3.54 billion euros ($4.1 billion).

“We have already done our part. Our goal in the coming period is to successfully integrate Pioneer,” Perrier told journalists, when asked about ongoing consolidation in the asset management industry.

The fund management industry is going through consolidation as margins decline, impacted by changes in the way people invest, and by rising regulatory costs.

“Things have got off to a good start. Integration of a company with such a size as Pioneer into a company like Amundi is not an easy task,” added Perrier.

Perrier’s comments came as French asset manager Amundi, majority-owned by Credit Agricole bank, reported 31 billion euros in net inflows over the third quarter, up from 23.4 billion euros in the same period a year ago.

This brought Amundi’s total amount of assets under management to 1.4 trillion euros at end-September, following the acquisition of Pioneer.

$1 = 0.8596 euros Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Sudip Kar-Gupta

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