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.
Potential changes to accounting standards and increased pressure on companies to accelerate contributions could worsen FTSE 100 scheme funding by up to £100bn, according to Lane Clark and Peacock (LCP).
Smart Pension has taken on over 20,000 active members from the £20m Corpad Master Trust, following a strategic review by the ceding firm's trustees.
The Universities Superannuation Scheme (USS) allegedly obstructed a whistleblower as she tried to discover the true value of the deficit in its defined benefit (DB) section, according to reports.
The Cost Transparency Initiative (CTI) has launched a number of templates and guidance to help pension schemes deliver greater value for savers with enhanced disclosure of transaction cost information.