UniCredit to pull client funds from Amundi by mid-2027

UniCredit is reducing the amount of client money it invests through Amundi and according to a Bloomberg report, aims to reduce the level to almost zero in less than two years. The move reflects the bank’s frustration with the fees it pays under an asset management deal that is coming up for renewal. Amundi was created in 2010 through the merger of the asset management arms of Crédit Agricole and Société Générale. Crédit Agricole later acquired Société Générale's stake in the company through an IPO. The I ...