SPAIN - Crédit Agricole Asset Management has reorganised its Spanish subsidiary with the creation of an Agencia de Valores for the distribution of mutual funds.
This new company will complement its existing asset management company Indosuez Fondos.
Both companies are already registered with the CNMV, the Spanish financial regulatory authority. The shareholding of the consolidating holding company will be divided between Crédit Agricole Asset Management (55 %) and Crédit Agricole Indosuez (45 %).
The main role of the Agencia de Valores is to consolidate its presence on a national scale, through distribution agreements with leading companies in their respective market segments.
The subsidiary forecasts E350m of assets this year, bringing the total to E800m by the end of 2002.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point