英国《金融时报》 林赛•维搏 东京报道
Amundi, Europe’s third-largest asset manager, is shifting its focus outside its French home market as it nears saturation and Asia will be one of the main recipients of this new attention.
The move underscores a broader shift towards the region by asset managers hoping to snap up market share among some of the world’s biggest savers, living in some of the fastest-growing economies in the world.
Amundi, created out of a merger between the asset management arms of Crédit Agricole and Société Générale, is aiming for growth in assets under management of about 30 per cent in three years, as it expands its retail business in Japan and strengthens its joint ventures in markets including China and India.
Amundi由法国农业信贷银行(Crédit Agricole)和法国兴业银行(Société Générale)两家银行的资产管理部门合并而成。该公司的目标是，未来3年内将资产管理规模扩大30%左右。Amundi正在日本拓展零售业务，并在中国和印度等地致力于增强合资公司的实力。
Such growth would increase the Asian assets of the fund manager by €15bn to about €65bn. Amundi globally has €688bn (£571bn, $906bn) under management.
“It’s not a commitment but I’d be surprised if at the end of three years the global AUM in Asia had increased less than 30 per cent,” says Yves Perrier, chief executive of Amundi.
Amundi has €26bn under management in Japan, making its business there its biggest in Asia, and its second biggest after France. It aims to take this to €33.6bn over the next three years.
Although Japan does not have a rapidly growing economy, it does have a huge pool of savings, of which more than half are locked up in bank deposits earning a paltry 0.05 per cent.
Amundi plans to expand the number of distributors it uses from its present six, and also expand the number of products it offers in order to meet its three-year goal.
Given growing concerns about future pension pay-outs in Japan as the population ages, Japanese savers have been expected to switch to more risky investments in an effort to earn higher returns. That has yet to happen on a large scale, however.
For now, retail investors tend to either be highly conservative, or extreme risk takers, for example, by betting on the currency markets using leverage.
Christian Romeyer, president of Amundi Japan, says he has seen more risk- taking over the past decade but that the shift has been “very slow”.
“Sales forces [at distributors] are still under-experienced in terms of product knowledge and selling techniques,” Mr Romeyer says. Amundi provides sales training as well as product information as part of its service to help increase sales.
Mr Perrier says Japanese clients want investment products that pay a regular income, which is often used to supplement their pensions.
Mr Romeyer adds that clients are so keen to maximise their income, they are prepared to accept that they may eat into their capital should yields fail to provide enough to pay the coupon.
He says this is very different from Europe, where clients investing in fixed income want their initial capital returned regardless of the yields that they receive over the term of the investment.
In China, Amundi’s joint venture with Agricultural Bank of China, established in 2007, has €3bn under management. It also has institutional business with the State Administration of Foreign Exchange and China Investment Corporation, the country’s fledgling sovereign wealth fund, worth about €1bn.
在中国，Amundi与中国农业银行(ABC)在2007年成立的合资公司目前管理着30亿欧元资产。该公司还与中国国家外汇管理局(SAFE)和中国投资公司(China Investment Corporation)合作开展机构业务，规模在10亿欧元左右。中投是中国成立不久的主权财富基金。
The group’s other Asian businesses include a joint venture with the State Bank of India, which has €6bn under management, and operations in Hong Kong, Singapore, Malaysia and Australia.
Amundi与印度国家银行(State Bank of India)的合资公司管理着60亿欧元资产。除此之外，该公司在香港、新加坡、马来西亚和澳大利亚等地都设有业务。
It is also developing plans to enter Vietnam.