European asset manager Amundi has launched an’ ETF-as-a-Service’ service as other firms have closed their offerings.

In December last year Amundi said in a statement that it had launched its white‑label proposition for exchange-traded funds. Clients worldwide can design, launch and scale UCITS ETFs under their own brand while using Amundi’s ETF infrastructure. They can select the components they require across the ETF value chain from product design, portfolio management, capital markets support, to operations, compliance, and listing across active and passive management.

Gilles Dauphine, head of active & white label ETF at Amundi, told Markets Media that the asset manager had received many requests from clients to launch this service. He said: “They naturally came to Amundi because ETFs are a scalable business and we are the biggest European manager.”

Clients want to participate in the growth of ETFs, but are starting from scratch in a market with many established players. Amundi is able to provide modular,  customized services for clients, while they can benefit from the fund manager’s scalable infrastructure, according to Dauphine.

Two inaugural clients in Germany had been onboarded last December – digital investment platform Finanzen.net and asset manager LAIQON AG.

Maximilian Richthofen, chief executive at finanzen.net Group, said in a statement said the partnership with Amundi brings simple and cost-efficient ETF solutions directly to users across the group’s ecosystem. He added: “In addition, through Amundi’s white-label ETFs we expand our offering with high-quality investment products built on expertise, scale, and the trust of both brands.”

Competition

Amundi has launched its new service in a market which is becoming increasingly competitive as ETF assets have grown. Global ETF assets reached a record of $19.8 trillion at the end of 2025 according to a report from ETFGI. the independent research and consultancy firm

In addition, competition has forced other firms to exit ETF white-labelling. ETF Stream reported this year that Citi has closed its Velocity ETFs white-label platform less than 12 months after launch, while Goldman Sachs closed its ETF Accelerator white-label offering in 2025.

In Europe BlackRock’s ETF franchise iShares was the largest ETF provider in the region, managing $1.3 trillion and holding 40.4% of the market, said ETFGI. Amundi ETF was in second with $401.7bn of ETF assets and 12.5% share, followed by Xtrackers by DWS in third with $336.2bn and 10.4%. The three top providers account for nearly two thirds, 63.3%, of total European ETF industry assets.

Dauphine argued that one of Amundi’s differentiators is that the business decided to build a dedicated team in early 2025 which benefits from leverages two manager’s big capabilities – managing more than €300bn in ETFs and the ability to host funds. He said: “People in the team come from ETF structuring, active management, equities, hedge funds and fixed income to accommodate the diverse needs of both active and passive clients.”

Amundi is also wrapping its alpha and launching its own active ETFs. Last November Amundi launched a money market UCITs ETF and Dauphine said the manager is planning to expand the range this year in response to growing client demand, focusing on the building blocks of portfolio construction. He added: “At the same time as launching our own ETFs, we have decided to leverage our infrastructure and scalability to develop an additional solution for clients.”

Active ETFs had $637.6bn in net inflows last year, 70% higher than the  $373.5bn gathered in 2024 according to ETFGI.

Senior management at Amundi introduced the group’s new 2028 strategic plan in November last year. Dauphine said during the presentation that the active ETF suite will cover all critical building blocks for clients from money market to credit, a wide range of geographical exposures, including global, US, Europe and emerging markets, as well as a full active ETF model portfolio. He said: “In total, we are planning to launch 20 new active ETFs by 2028.”

Valérie Baudson, chief executive of Amundi, said during the presentation that the manager has some advantages in the ETF space compared to global American competitors, who have been entering the European market.

She argued that the first advantage is that Amundi is European, and a number of clients, whether in Europe or in Asia, want to have a very large, global leading European asset manager.

“They want to have our views,” she added. “They want to have some of their money in Europe.”

The second big advantage, according to Baudson, is that Amundi is very invested in sustainable finance globally.

“We have always been and will always be one of the very responsible asset managers,” she said. “This is one of the reasons why we are winning a lot of mandates against our American competitors.”

Targets

Baudson highlighted that digital distribution platforms represent one of the fastest growing client segments, with this distribution channel set to grow three times faster than traditional outlets.

“For all digital players, our services such as ETF as a service, model portfolio solutions and our wider technology offer, all represent new and growing sources of revenue,” said Baudson. “Our ambition is to increase the number of digital partners by 50% by 2028.”

Dauphine highlighted there will be a push for individualization and ETF-based solutions. As a result, asset managers can add another dimension to their strategic allocation by blending active funds with alpha and low cost fees index products.

He said: “We aim to launch 30 new ETFs within our ETF-as-a-service offering in the next few years.”