Credit Agricole Group plans to grow the assets under management at its subsidiary money management firm Amundi to €1 trillion ($1.4 trillion) by 2016 through new fund offerings and acquisitions.
Amundi, which has about €780 billion in AUM, will grow through strengthened commercial resources in Germany and the U.K., and with new offices in the Netherlands and Sweden, according to Credit Agricole's medium-term plan for 2014 to 2016, published on its website Thursday.
The group said it would develop new offerings, such as debt funds, and will look to play a role in consolidation in Europe. According to the plan, Amundi's growth will be bolstered by the “acquisition of midsized players in order to open the platform to one or more new distribution networks” and “targeted acquisitions to speed up the development of high-priority businesses or geographical areas.”
The group is targeting €1 trillion in AUM by the end of 2016, with one-third from organic growth from long-term asset classes and international clients, and the other two-thirds from external growth like acquisitions or strategic partnerships.
Meanwhile, the group's European asset servicing business, CACEIS, aims to grow its current assets under custody of €2.3 trillion by €300 billion during the same time frame.
Spokesmen for Credit Agricole and CACEIS did not respond to requests for comment by press time.