The giant Caisse des Depots is merging CDC Tresor and CDC Gestion at the end of this month to form CDC Asset Management Europe. It will have Ffr800bn($130bn) under management for institutional investors, making it one of Europe's largest management groups.Its client base will include CNP, the life insurance group within CDC, major corporates and other networks.

The move is seen by CDC as a consolidation of its position in France and readying itself for a bigger role in Europe.It confirms our commitment to become a leading European player and euro specialist," CDC says.

The new company, which will be based in Paris, has a subsidiary in Frankfurt and will open offices elsewhere in Europe.CDC has restructured its international fund management and distribution arrangements, operating globally as CDC Asset Management.

In the US, CDC Investments is changing its name to CDC Asset Management Americas, while in Asia a third arm, CDC Asset Management is being set up, with a subsidiary being formed in Singapore."