Valerie Baudson was named CEO of Amundi effective May 10.
She is replacing Yves Perrier who will become chairman of the money management firm. Mr. Perrier, who has led Amundi for 14 years, replaces Xavier. Musca as chairman.
Ms. Baudson is CEO of CPR Asset Management, a subsidiary of Amundi, and also leads the exchange-traded funds, indices and smart beta business at Amundi. A spokesman said there is no news yet on any replacements, but any changes will be announced "in due course."
Ms. Baudson will also become a member of the executive committee and deputy general manager of Amundi's majority shareholder, Credit Agricole.
The news came as Amundi announced its full-year 2020 results, which saw assets under management increase 4.6% over the year to €1.73 trillion ($2.12 trillion) as of Dec. 31.
Assets were bolstered by €45.1 billion in net inflows for the year, compared with €107.7 billion in net inflows for the calendar year 2019.
For the quarter, AUM grew 4% while net inflows were €14.4 billion in the three months ended Dec. 31. That compares with €34.7 billion for the three months ended Sept. 30, and €76.8 billion in net inflows for the three months ended Dec. 31, 2019.
Institutional assets under management grew 5.5% in 2020 to €1.04 trillion. Quarterly figures were not available. Institutional net inflows were €28.1 billion for the year, compared with €18.5 billion for the previous year. Institutional net inflows were €21.3 billion in the fourth quarter, down slightly from €21.4 billion in net inflows in the third quarter but up from €1.7 billion in net inflows for the same period in 2019.
Market and foreign-exchange effects added €9.5 billion in 2020, compared with €120.6 billion in 2019. For the fourth quarter, market and foreign-exchange effects added €52.1 billion, up from €15.2 billion in the third quarter and €13.7 billion in the fourth quarter of 2019.
Adjusted net revenues, however, fell by 4.1% in 2020 to €2.6 billion. Revenues grew 15.9% quarter-on-quarter and by 1.5% vs. the fourth quarter in 2019, to €730 million for the three months ended Dec. 31.
Net income totaled €910 million for the year, down 5.1% vs. figures for 2019. For the fourth quarter, net income was up 24.4% to €275 million and up 5% vs. figures for the quarter ended Dec. 31, 2019.
"In 2020, Amundi once again demonstrated the strength of its business model through its economic and financial performance," Mr. Perrier said in a news release accompanying the update. "Amundi has a clear strategy that has been unchanged since the company was founded: remaining an efficient organization with talented and tight-knit management."
Mr. Perrier said that he "felt it was time to pass on the general management torch. I am pleased that Valerie Baudson has been chosen by the board, because I have total confidence in her ability to continue and amplify Amundi's development trajectory. It is the choice of competence, continuity and shared values."