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Amundi signed a 10-year distribution accord in 2017 when it bought UniCredit's Pioneer Investments for 3.6 billion euros. Credit Agricole CEO Philippe Brassac told reporters this month it was no secret UniCredit was looking at ways "to optimise" the accord with Amundi. Orcel, sources have said, is unhappy with the amount of Amundi funds the accord binds UniCredit to place with customers. UniCredit had 134 billion euros in AUM from fund and portfolio management as of Sept. 30. If their relationship ended after 2027, it would still take UniCredit time to replace Amundi funds with other products.

Persons: Sarah Meyssonnier, Amundi, Andrea Orcel, UniCredit, Philippe Brassac, Brassac, Orcel, Azimut, Valentina Za, Mathieu Rosemain, Silvia Aloisi, Alexander Smith Organizations: REUTERS, Reuters, Investments, Agricole, Credit, Amundi, Thomson Locations: Paris, France, MILAN, Italy, Italian, Milan

[1/2] The branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. Its net income jumped 33% to 1.75 billion euros ($1.87 billion), above the 1.37 billion expected by analysts in a company-compiled poll. Group revenue rose 19% to 6.34 billion euros, topping the 5.99 billion expected by analysts. It reported lower-than-expected provisions of 429 million euros, helping its bottom line. Credit Agricole controls Europe's largest fund manager Amundi (AMUN.PA) and recently announced plans to acquire Belgian wealth management firm Degroof Petercam.

Persons: Marcin Goclowski, Morgan, Amundi, Degroof, Mathieu Rosemain, Augustin Turpin, Silvia Aloisi, Jason Neely Organizations: Credit Agricole, REUTERS, Credit, Credit Agricole Group, Societe Generale, BNP, Deutsche Bank, Barclays, Thomson Locations: Credit, Warsaw, Poland, PARIS, Italy, France

☆ U.S. investors rebuff big oil climate shareholder resolutions
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based activist group Follow This was created first to target Shell (SHEL.L) and subsequently expanded to file climate resolutions at other western majors including BP (BP.L), Exxon Mobil (XOM.N), Chevron (CVX.N) and TotalEnergies (TTEF.PA). According to the data published by it and investors, giant U.S. investors BlackRock (BLK.N), Vanguard, State Street (STT.N) and JPMorgan (JPM.N) all voted against the Follow This resolutions this year. "Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil. Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis,” said Follow This founder Mark van Baal. This mirrors big shareholder proxy voting firm Glass Lewis and ISS, which changed some of their recommendations for this year to the detriment of Follow This, including withdrawing support for the activist resolution at Chevron.

Persons: Morgan Chase, Mike Segar, France's, ”, Mark van Baal, Glass Lewis, Shadia Nasralla, Jan Harvey Organizations: Co, New York City, REUTERS, Companies Allianz, Big U.S, Shell, BP, Exxon Mobil, Chevron, BlackRock, Vanguard, State, JPMorgan, Paris, Britain's HSBC, HSBA.L, UBS, Germany's Allianz, Big Oil, Amundi, Allianz, Britain's, General, Exxon, ISS, Thomson Locations: New York, Big, Paris, Netherlands, Chevron's

☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

To this aim UniCredit wants to get to around 20 billion euros of in-house funds, Orcel said. UniCredit and Amundi are tied by a 10-year distribution agreement they signed in 2017, when UniCredit sold its internal asset manager Pioneer to Amundi. Orcel, who has been working to increase the bank's fee income since arriving in 2021, said on Tuesday UniCredit had been "rebalancing" its relationship with Amundi. By replacing the Amundi funds with its own products or those of partners who pay the bank more to sell their funds, UniCredit increases the portion of distribution fees in asset management it pockets. "In terms of value, I think in-house, strictly speaking, we're looking at about 20 billion euros," he said.

Persons: Dado Ruvic, Andrea Orcel, UniCredit, Orcel, Valérie Baudson, Amundi, Mathieu Rosemain, Valentina Za, Matthew Lewis Organizations: REUTERS, Rights, Reuters, Thomson Locations: Paris

☆ UniCredit 'rebalancing' Amundi relationship in fee income drive
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

It's rebalancing a little bit, and will rebalance going forward," UniCredit CEO Andrea Orcel told analysts when presenting the bank's third quarter results. Sources told Reuters in May that UniCredit had been trimming the proportion of Amundi funds in its total AUM, paying penalties for failing to meet contractual minimums. Orcel said UniCredit will maintain its current "open architecture" approach to asset management, which involves partnering with all major players, including Amundi, to offer "best in class" products. Since taking over at UniCredit in 2021, the former investment banker, has been working to boost revenue from asset management in an effort to increase net fee income as a proportion of UniCredit's overall revenue. As he sought to review the 10-year Amundi distribution deal, Orcel signed an agreement with Azimut (AZMT.MI) in late 2022 giving the Italian asset manager access to UniCredit's clients.

Persons: Dado Ruvic, UniCredit, Amundi, It's, Andrea Orcel, Orcel, Valentina Za, Alexander Smith Organizations: REUTERS, Reuters, BlackRock, Thomson Locations: UniCredit, Italian

☆ Sunken ancient temples were found in a mysterious underwater city, with Egyptian and Greek treasures
▼ + stars: | 2023-09-20 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +6 min

Archaeologists uncovered a treasure trove of ancient Egyptian and Greek artifacts. They were found on the site of the sunken city of Thonis-Heracleion, which was lost until 2000. Christoph Gerigk ©Franck Goddio/Hilti FoundationA temple to the king of ancient Egyptian godsThe latest excavation located a precious site: the sunken temple of Amun. Ancient Egyptian artifacts were uncovered in the remains of the Amun temple. Christoph Gerigk ©Franck Goddio/Hilti FoundationThe excavation also uncovered another sacred site, but this time, it was devoted to ancient Greek rituals.

Persons: Franck Goddio, Christoph Gerigk, Heracleion, Goddio, Amun, Silver, Aphrodite Organizations: Service, European Institute for Underwater, Ministry of Tourism and Antiquities of, Hilti Locations: Thonis, Wall, Silicon, Egypt, Ministry of Tourism and Antiquities of Egypt, Alexandria, Greece

PARIS, July 28 (Reuters) - Amundi (AMUN.PA), Europe's biggest fund manager, posted better-than-expected quarterly net inflows on Friday as investors' appetite for risk-averse products underpinned a 1.9% yearly growth in assets under management. This beat the analyst consensus compiled by the company, which predicted a decrease of 1.1 billion euros in three-month period ending in June. Baudson also said that the reopening of China's economy started to have a positive effect on net inflows stemming from its joint venture with Bank of China, leading to "very slightly positive" net inflows in the second quarter. Amundi's second-quarter earnings also beat expectations, with adjusted net income totaling 320 million euros, up 19% from a year earlier. ($1 = 0.9098 euros)Reporting by Mathieu Rosemain; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Valerie Baudson, Baudson, Amundi's, Mathieu Rosemain, Conor Humphries Organizations: Europe's, Bank of, Thomson Locations: Bank of China

REUTERS/Sarah MeyssonnierTOKYO, May 9 (Reuters) - Two major European asset managers have jointly filed a shareholder resolution at Japanese electricity generator Electric Power Development Co Ltd (9513.T), known as J-Power, for the second consecutive year in a row. The asset managers are calling on J-Power, Japan's largest operator of coal-fired power stations, to set and disclose credible short and medium-term emissions reduction targets, aligned with the goals of the Paris Agreement. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. J-Power will "carefully consider" proposals and disclose its board of directors' opinions "as soon as they are determined", the company said on Tuesday.

[1/2] A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. Amundi (AMUN.PA) and HSBC Asset Management filed the resolution with the Australasian Centre for Corporate Responsibility (ACCR), the non-profit climate group said in a statement on Tuesday. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. Last year, Man, Amundi and HSBC filed a similar shareholder resolution, which they say was the first climate-related proposals by an institutional investor group to a Japanese firm.

[1/4] Israeli policemen stand next to smoke from a fire following incoming rockets from Lebanon to Israel in Bezet, northern Israel, April 6, 2023. The Israeli military said 34 rockets were launched from Lebanon, of which 25 were intercepted by Israel's Iron Dome, anti-missile system. There was no claim of responsibility but an Israeli military official also said that Israel was working on the assumption that the attack was Palestinian-linked. "It's not Hezbollah shooting, but it's hard to believe that Hezbollah didn't know about it," Tamir Hayman, a former head of Israeli military intelligence said on Twitter. In response, Israel has hit targets in Gaza linked to Hamas, which it holds responsible for any attacks from the blockaded coastal strip.

The sources said one possibility that has been considered would see Amundi (AMUN.PA) spinning off its Italian operations into a separate company, in which UniCredit (CRDI.MI) could buy a stake. Azimut had 83 billion euros of assets under management (AUMs) at the end of February. Amundi, which is 69% owned by Credit Agricole, ranks third in Italy with 214 billion euros of AUMs as of end-February. UniCredit had 194 billion euros of AUMs at group level in December. "Extracting further value from partnerships on asset management, protection and payments remains another focus," they added.

☆ Italian fund buys stake in asset manager Anima in play on bank M&A
▼ + stars: | 2023-02-15 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The 109 million euro ($116 million) stakebuilding strengthens the grip of Italian investors on a company in which France's Amundi (AMUN.PA) - Europe's biggest asset manager - has also taken a stake. Amundi has a strong presence in Italy having spent 3.6 billion euros in 2017 to buy peer Pioneer from UniCredit (CRDI.MI). Formerly backed by the state and focused on promoting national champions, private equity fund Fondo Strategico Italiano (FSI) targeted a stake of up to 9%. Amundi acquired its Anima stake a month after Amundi's owner, French bank Credit Agricole (CAGR.PA), bought 9.2% of Banco BPM, becoming its single largest investor. Of Anima's 177 billion euros of assets under management, some 100 billion euros are invested in Italian government bonds.

☆ Financial investor buying up to 9% of Italian asset manager Anima
▼ + stars: | 2023-02-14 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

An investor document seen by Reuters showed Mediobanca, which did not name the investor, was buying Anima shares through an accelerated reverse bookbuilding at 4.35 euros a share. At the top of the targeted range, the investment would total 135.7 million euros ($145.7 million) while the minimum stake would cost the buyer 105.7 million euros, Reuters calculations showed. The investor is Italian and is neither a bank nor an insurance firm, two people with knowledge of the matter told Reuters. Anima is Italy's biggest independent asset manager and has often been seen as a potential takeover target. Last year, French asset manager Amundi (AMUN.PA) emerged as the third-biggest investor in Anima with a 5.2% stake.

☆ Amundi to co-invest in Alantra's 1.7 bln euro solar platform
▼ + stars: | 2023-01-11 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

[1/2] The Amundi company logo is seen at their headquarters in Paris, France, October 7, 2015. N-Sun aims to raise 700 million euros ($752.36 million) in equity and 1 billion in debt. Amundi and Reichmuth will contribute to the equity portion, Alantra's spokesperson said. The solar farms are in different stages of development and will be fully operative by the end of 2025, the companies said. Once completed, the portfolio will generate the equivalent of the annual consumption of more than 800,000 households and more than 180 million euros in revenues.

☆ Analysis: Russian gold removed from some Western funds after Ukraine
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.

☆ 11 ancient sites that are mysteriously aligned with the sun on the winter solstice, in photos.
▼ + stars: | 2022-12-17 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +12 min

Archaeologists have found many ancient sites that line up with the winter solstice sun. Here are 11 sites that line up with the winter solstice, and what experts think about them. Newgrange, County Meath, IrelandPeople celebrating the sunrise at Newgrange on the morning of the winter solstice in 2018. ShutterstockOne of the most famous examples of ancient architecture lining up with the winter solstice is in Machu Picchu, Peru. "From the winter solstice the days are longer, which was a metaphor of the rebirth of the deceased," he said.

☆ Morning Bid: Closer to fine
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom Westbrook. Having jumped the gun a few times, markets are again pricing in a pivot in monetary policy and might be getting closer to the mark. Bonds are rejoicing at this week's step-down in hiking speed at the Bank of Canada and hints the European Central Bank is getting closer to satisfied with its progress. Ten-year Italian BTPs are eyeing their best week in a decade, with yields down 73 basis points since last Friday's close. Markets now price a peak in the Fed funds rate around 4.8%, after flirting with 5% a week ago.

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