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The tentacles of Amundi in Spain: from Sabadell to ING, and also with Pioneer

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The ‘sorpasso’ of Amundi to the rest of the managers with the purchase of Sabadell Asset Management has been capitalized. The French will manage in Spain more than 44,000 million euros, and becomes the fourth group with the largest assets under management, ahead of BlackRock (with 34,800 million) and only behind the three major Spaniards, CaixaBank, BBVA and Santander (between 76,550 and 53,250 million ). Although she is the largest manager in Europe and one of the ten largest in the world, she is still an unknown among the Spanish public. Nevertheless, Its tentacles reach not only Sabadell. It also manages for ING and has the Pioneer brand.

The French business in Spain breaks down into several pillars. Amundi Asset Management's international funds, which include those of Pioneer Investments, manage almost 19.5 billion, according to Inverco. On the other hand, Amundi Iberia has about 2,800 million between sicav (around 420 million), a few local conservative funds and, above all, white-label funds that it manages for ING. The third pillar will be the 21.8 billion of Sabadell Asset Management, distributed among the more than 1,900 offices that the Catalan bank has.

In 2016, Amundi took Pioneer in a seen and unseen, which was from UniCredit, after abortion of the merger of Pioneer with Santander Asset Management after many tug-of-war between the Italian and Spanish banks.

More historic is Amundi's relationship with ING in Spain, whose current turnover exceeds 1,850 million, with Morningstar data. That is to say, two out of three euros managed by Amundi Iberia – whose main directive is Marta Marín – are for ING, that does not have its own manager under its umbrella. It is a recurring and very succulent business.

The French company manages two different ranges of funds for the Dutch company: the ING Direct Orange Fund (Ibex 35, EuroStoxx 50, S&P 500 and three profiles) and the new Orange Portfolio, seven different risk profiles with passive management that the orange bank has articulated around the advisory service Inversión Naranja +, the flagship of its strategy. The latter had already captured 600 million in November just six months after being presented in society.

SABADELL, THE GREAT ZARPAZO OF AMUNDI

But Amundi's big blow in Spain is the operation with Banco Sabadell. They have agreed to sell 100% of Sabadell Asset Management for 430 million euros, plus another possible additional 30 million in 2024 subject to the assets under management maintained by the Catalan network client manager. In addition, the agreement entails that Amundi Asset Management distributes its international funds among the bank's clients over the next ten years, with a distribution of commissions ranging between 50% and 70% depending on the product in question, as it has published Bolsamanía.

In the short term, the Sabadell manager will continue to dedicate itself to the bank's network, while Amundi Iberia will continue to be dedicated to its current clients. The closing of the transaction is scheduled for the third quarter. of 2020.

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