It was reported by Amundi’s Chief Executive Officer, Valérie Baudson, that approximately half of the French asset manager’s assets under management (AUM) in Italy had been attributed to its strategic relationship with UniCredit. The Italian banking group, considered the leading distributor for Amundi in what is recognized as the latter’s most significant foreign market, had reportedly been instrumental in shaping the scale and success of Amundi’s Italian operations. The total volume distributed through UniCredit networks had been cited as approximately €100 billion out of Amundi’s global AUM, which exceeded €2.25 trillion as of the latest figures available.
It had been further disclosed that in the year 2024 alone, close to 3,000 meetings were arranged with UniCredit’s advisory teams. These engagements reportedly resulted in the launch of nearly 30 bespoke funds exclusively for UniCredit’s clients. These initiatives were said to underscore both the depth of collaboration between the two financial institutions and the degree of alignment in their operational goals. Customer satisfaction arising from this partnership was described as excellent by Baudson, who had emphasized the strength and mutual benefit of the ongoing collaboration.
Despite the positive tone surrounding the current cooperation, attention had been drawn to the fact that the distribution agreement between UniCredit and Amundi is set to expire in 2027. Industry observers have suggested that the future of this accord may evolve into either a critical negotiation asset or a source of friction, depending on developments in Italy’s financial landscape. Speculation has intensified due to UniCredit’s ongoing interest in acquiring Banco BPM, Italy’s third-largest bank, a move in which Amundi’s parent company, Crédit Agricole, could play a pivotal role.
The Chief Executive Officer of Crédit Agricole, Philippe Brassac, indicated that a decision regarding the potential tendering of Crédit Agricole’s stake in BPM would be made within a few weeks. It was noted that Crédit Agricole currently holds close to a 20% share in BPM, making it the largest single shareholder. This investment had been established in 2022 following an earlier failed attempt by UniCredit to acquire BPM, and since then, Crédit Agricole has remained a key player with vested interests in preserving its commercial relationships in Italy.
Amundi’s connection to UniCredit dates back to 2017, when it had purchased the Italian bank’s fund management business for €3.6 billion. This acquisition had been viewed as a milestone for Amundi, solidifying its position in the Italian market and creating a lasting distribution partnership that has since become a cornerstone of its international strategy.
As of the end of March 2025, Amundi’s total assets under management in Italy were reported to have reached €198 billion. While still representing a significant portion of its business—approximately one-fifth of its total AUM in France—the figure marked a decline from €208 billion recorded at the end of 2024. The drop has drawn attention from analysts who continue to monitor regional trends and their implications for cross-border asset flows.
In summary, the partnership between UniCredit and Amundi has been framed as both substantial and strategically important, with significant volumes of assets, numerous fund launches, and strong client engagement underpinning its success. However, with the distribution deal set to expire in two years and broader consolidation moves potentially involving key stakeholders like Crédit Agricole, the future landscape of asset management distribution in Italy may soon be reshaped. The decisions taken in the coming months, particularly regarding UniCredit’s ambitions and Crédit Agricole’s response, are likely to influence not only the continuation of this partnership but also the balance of power in European asset management.
