01/02/2010
CAAM captures most management positions at Amundi
Société Générale Asset Managment (SGAM), which has merged with Crédit Agricole Asset Management (CAAM) to create Amundi, has inherited only two of the seats on the new firm’s executive board, although its parent company, Société Générale, controls 25% of shares in the firm, the Financial Times reports. The dominance of CAAM, which holds 83% of board seats and top positions, is a sign that Crédit Agricole is not afraid to impose its own vision on the firm. Frédéric Loerznini, an analyst at Morningstar, observes that “these people have been making acquisitions for 15 yeas, so now they are very confident.” Crédit Agricole does not want to repeat the mistakes it has made in previous acquisitions, as in 1995, when too many key positions were left to former Indosuez staff. Another analyst points out that the weak representation of SGAM on the executive board confirms that the valuation was “generous” when the decision was made that a 25% stake in Amundi would go to Société Générale.
