© Reuters. FILE PHOTO: Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
By Mathieu Rosemain and Valentina Za
PARIS/MILAN (Reuters) – Amundi is considering offering UniCredit better terms to be able to extend a distribution accord that ties the French asset manager to the Italian bank and its biggest foreign market, a person close to the matter said.
Renewing the agreement would protect Europe’s largest fund manager’s foothold in a market that accounts for nearly a fifth of its assets under management (AUM) outside France.
Analysts have flagged concerns at the impact on inflows from the possible loss of the contract Amundi has with its main distributor in Italy, where its AUM amount to 197 billion euros ($215 billion), or 10% of its total.
Improvements could include giving UniCredit a bigger slice of the fees earned on the sale of products, the person, who declined to be named as discussions are private, told Reuters.
Amundi declined to comment. A spokesperson for UniCredit declined to comment.
Relations between the two partners have soured since Andrea Orcel tried in vain to renegotiate the terms of the…
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