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