EUROPE - Crédit Agricole S.A. and Société Générale today announced their new merged asset management firm will be called Amundi.
In January, the two firms announced a merger that would create a €591bn (US$889bn) asset management house, the fourth largest in Europe and the eighth largest worldwide. (Global pensions; January 26, 2009)
In a statement today, the banks said: "The name Amundi, which blends the initials of ‘asset management' with an allusion to the world, underscores the open mindset of the new entity: international openness of a company that is already among the top ten global players and openness to other partners that wish to join the platform."
French regulators Autorité des Marchés Financiers and the Comité des Etablissements de Crédit et des Enterprises d'Investissement approved the merger in September. The deal is subject to the approval of the European competition authority, but is expected to close on January 1, 2010.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).