Crédit Agricole, the parent to Amundi, has set the French asset manager a strong medium-term growth target, with expectations for it to break the €1trn AUM mark by 2016.

Along with the manager’s expansion, Crédit Agricole will also see its share in Amundi increase by 5 percentage points to 80%, as it moves to complete control of the merged company.

Amundi, in 2009, was created by the merging of Crédit Agricole’s and rival Société Générale’s asset management businesses.

Société Générale will continue to own the remaining 20%.

At the time of the merger, Amundi held some €439bn in AUM, which has since grown to €777bn, Crédit Agricole’s latest update said.

The French bank’s plans for the manager, however, include exponential growth over the next two years.

It set targets to reach €1trn of assets by 2016, through organic expansion and consolidating mid-sized rivals in acquisitions.

In its update to investors, Crédit Agricole said Amundi was to “strengthen commercial resources in Germany and the UK”.

Organic expansion will also see the firm develop more products for clients, including debt funds and corporate savings vehicles, along with office openings in Sweden and the Netherlands.

Crédit Agricole also said Amundi would “play a key role in sector consolidation in Europe” via the acquisition of mid-sized asset management firms to open up additional platforms and distribution networks, while driving the development of “high-priority business and geographical areas”.

The bank also provided details on the manager’s strategic focus for the next two years.

It said Amundi was to consolidate its lead position in the French market while targeting high-priority customers, including institutional investors.

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