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The partnership with
Bank of China is operational

The 1st foreign majority-controlled wealth management joint venture to earn China’s approval, Shanghai-based Amundi BOC Wealth Management Co. Ltd. launched in September 2020. Here, two key players share their perspectives on this adventure.

Huijun Liu, Chairperson, Amundi BOC

Wealth Management Company Limited

and

Xiaofeng Zhong,

Chairman of Greater China, Amundi

What made you decide to reach out to Amundi?

 

Huijun Liu : As China’s 4th largest bank we serve some 300 million people and companies. When the authorities loosened restrictions, we immediately began looking for a strong partner to offer our clients new opportunities. After a thorough review of the field, Amundi stood out for their experience, their focus on Asia, their technology and their ESG credentials.

 

 

Amundi has focused on JVs in China, how come?

 

Xiaofeng Zhong : At Amundi, we believe our global experience and expertise will be most valuable when teamed with local know-how. BOC has a fantastic Retail network and complements our partnership with the Agricultural Bank of China (ABC), bringing an attractive client segment and ensuring broader coverage of this vast market, a big part of our aim to achieve €500 billion in AuM by 2025 in Asia, consistent with our business growth plan.

 

 

What can you tell us about your near-term ambitions?

 

X. Z. : Our goal is for this new JV to achieve €60 billion in AuM by 2025. We are rolling out first to BOC clients and Retail networks, with third-parties to be phased in later. Right now, we are working with BOC on an all-new range of RMB-based fixed-income and Multi-Asset* products with a focus on liquidity.

 

H. L. : I might add that these products target a low to moderate risk profile. We are glad to be able to count on Amundi’s experience in asset allocation and risk management processes, which are especially important in China’s rapidly expanding securities market, while BOC’s Retail network provides the local expertise required to accurately meet and anticipate demand.

 

 

What about other aspects of the partnership?

 

H. L. : We also look forward to fruitful collaboration on ESG products, as climate change is a major concern for the PRC’s citizens and authorities.

 

X. Z. : Absolutely. I’d also mention the Amundi ALTO(1) platform, which has huge added value for both institutions. Adapting the platform to the Chinese market and integrating local tools for the JV creates a future-proof foundation for tomorrow’s technology needs.

 

 

(1) Amundi Leading Technologies & Operations.

 

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Highlights

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In early 2020, Banco Sabadell and Amundi signed a 10-year strategic partnership that provides for distribution of Amundi’s product lines via Banco Sabadell’s Spanish network (more than 1,900 branches). As part of the agreement Amundi will also acquire full equity in Sabadell Asset Management, Spain’s leading asset manager. The transaction closed in June 2020. Amundi Iberia remains a separate entity dedicated to its existing clients. The new partnership makes it possible for Amundi to consolidate its position as the leading European asset management firm and to even more efficiently roll out its unique business model serving retail distribution.

Amundi, the top solutions provider for Institutional investors

For the second year running, Amundi has been crowned ‘Best Institutional Solutions Provider’ by the Asian Investor Asset Management Awards. This distinction once again recognises Amundi’s ability to deliver the very best products, services, strategies and tools for Institutional clients.

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