Amundi, the leading European asset manager, unveils its 2025-2028 strategic plan “Invest for the Future”. The plan prioritises growth, diversification, innovation, efficiency and selective investments to deliver attractive value for shareholders and excellence for clients.

Valérie Baudson, Chief Executive Officer, said: “Thanks to the delivery of our Ambitions 2025 strategic plan we have reinforced our position as the leading European asset manager and a top 8 global player, diversifying our sources of growth and building on our track record of value creation since our listing 10 years ago.

Today, Amundi benefits from an attractive business model, combining comprehensive investment solutions, unrivalled distribution power and proven excellence in strategic execution, supported by talented, committed teams. Thanks to this powerful platform, we will continue to lead the way, capturing opportunities from demographic shifts and structural trends in the savings and investment industry.

Through our new plan, we will deliver further growth, industry-leading efficiency with AI being one enabler, while investing in the continued strengthening of our solutions, and innovating across technology and digitalisation to anticipate market needs.

“Invest for the Future” will create long‑term value for all stakeholders, including our shareholders, who will benefit from an attractive payout commitment over the plan period, and a continued focus on seeking out disciplined, accretive external growth opportunities.”

Six strategic priorities

Under “Invest for the Future”, Amundi will focus on six strategic priorities, collectively generating €300bn+ in net inflows by 2028^[5].

1. Accelerate client diversification with focus on high potential segments: retirement & digital
   • Retirement solutions: Generate more than €100bn of net inflows by 2028 by capitalising on the shift from defined‑benefit to defined‑contribution plans, and demand for individualised solutions from distributors and wealth managers. Amundi has created a new dedicated business line to build on market leadership in France and Italy, and expand offer across Northern Europe and Asia, blending public and private strategies. Amundi is to empower investors with bespoke investment solutions, education, services and technology.
   • Digital distribution: Grow digital clients by 50% by 2028, supporting digital players to move up the savings value chain towards wealth management clients by broadening their investment proposition, and helping traditional banks to further digitalise their client offer.
2. Expand geographical reach to capture growth in Asia, Europe and high potential regions

• Asia: Capture +€150bn in Asian net inflows by 2028, building on a solid regional footprint combining strong direct presence and successful JVs and unique global-local capabilities for leading financial and public institutions. Growth supported by listing of Indian JV SBI FM in early 2026.
  • Europe: Continued growth in core markets and strategic focus on capturing market share in Northern Europe with focus on UK, Germany, Benelux, and the Nordics.
  • High potential regions: Build on growing client activity in Middle East, Latin America and Africa.
• Drive innovation in solutions by investing across active, passive and private assets
  • Active Management: Simplify and scale up by growing flagship funds, developing new high-potential strategies, quantitative and bespoke solutions and building innovative solutions including through tokenisation and digital assets initiatives.
  • ETF & Index Management: Expand European leadership by leveraging scalable platform to deliver client-centric product innovation and unlock new revenue pools. Plan to launch 100 new ETFs by 2028, and create a new business line dedicated to active and white label ETFs.
  • Private Assets: Capture growth from growing participation of retail investors, capitalising on Amundi’s expertise in retail distribution, through greater synergies with Crédit Agricole and strengthened offer following integration of Alpha Associates and new partnership with market leader ICG announced today.
  • Responsible Investment: Build on global and differentiating leadership with continued innovation in blended finance, climate adaptation, natural capital, and stewardship.
• Activate technology roadmap to become preferred solution in Europe and Asia
  • Technology: Double Amundi Technology revenues by 2028^[6], capitalising on diversified offering serving more than 80 clients in over 15 countries. Capture significant wealth management tech market opportunities, leveraging Aixigo acquisition and new offerings including Data-as-a-Service and Amundi’s proprietary AI studio.
•       Optimise operating model to deliver efficiency and redirect resources to growth areas
  • Simplification: Streamline organisational and operational model, as demonstrated by the recent CPR and BFT Investment Managers merger and optimisation of European multi-asset set up.
  • AI solutions: Leverage proprietary AI platform to support process optimisation, create client value and reduce external spend, rolling out 50 applications at scale by 2028, and converting 100% AI platform access into 80% regular staff users.
  • Resource reallocation: Redirect resources to growth and priority areas (Technology, Asia, Retirement, Passive, Third-party Distribution, Private Assets).
• Invest for value creation
  • Organic development: €800m^[7] to be invested in organic growth initiatives over the plan horizon across priority areas.
  • External growth opportunities: opportunities must drive growth, with manageable execution risk and a return on investment of at least 10% within 3 years.

Financial targets: capturing profitable growth

The Group’s strategic roadmap translates into the following financial targets:

1. Clear earnings trajectory
   • Deliver €300bn of cumulative net inflows in our strategic growth pillars over the period³.
   • Earnings per share¹ of more than €7 in 2028 , under a constant market and forex scenario and in all UniCredit distribution agreement scenarios.
2. Industry-leading cost efficiency
   • Cost income ratio¹ below 56% over the period.
   • Continuous focus on operating and organisational model, powered by artificial intelligence and digital.
   • Increased organic investment in strategic growth areas.
3. Attractive shareholder returns
   • Commitment to return remaining excess capital from the 2025 strategic cycle to shareholders via share buy-backs^[8].
   • Commitment to a payout ratio of at least 65%, for the period 2025-28.
4. Disciplined capital management
   • Continue to seek external growth opportunities, that strengthen and diversify activities.
   • Maintain an appropriate level of capital for M&A opportunities and flexibility to return excess capital to shareholders in the absence of such opportunities meeting strict business and financial criteria.

Nicolas Calcoen, Deputy Chief Executive Officer, commented: “Since our IPO, Amundi has consistently developed its strategic priorities and created new ventures while remaining agile — steering resources to the most promising opportunities and maintaining rigorous operational discipline. With this new plan, we are once again investing in Amundi’s long-term future while delivering growth, industry-leading cost efficiency and attractive shareholder returns. We have a clear capital management plan, continuing to seek out external growth initiatives that deliver growth and a robust return on investment, building on our longstanding track record.”

Source: Amundi

Amundi and ICG announce long-term strategic and equity partnership

Amundi, one of Europe’s leading traditional asset managers, and ICG, one of Europe’s leading private markets asset managers, announce a long-term strategic partnership comprising several components:

• 10-year agreement under which Amundi will be the exclusive global^[1] distributor in the wealth channel for ICG’s evergreen and certain other products, with ICG being Amundi’s exclusive provider for those products to Amundi’s distribution business;
• Joint development of new products specifically targeted at, and appropriate for, wealth investors;
• Amundi to acquire a 9.9% economic stake in ICG^[2], becoming a strategic shareholder in a manner that is non-dilutive to existing ICG’s shareholders and anchoring the long-term partnership.

This partnership creates exciting new opportunities for both parties. It allows Amundi to benefit from ICG’s investment expertise and performance track record to accelerate its distribution of private assets, one of the most dynamic markets in asset management.

ICG will benefit from Amundi’s international distribution capacity in the wealth channel and its structuring capability in designing investment solutions for wealth clients, a high-growth segment in private markets.

Two players with complementary expertise

ICG manages almost $125bn (€108bn) of assets^[3] on behalf of predominantly institutional clients through various strategies across structured capital, private equity secondaries, private debt, credit, and real assets.

Amundi currently has €70 billion in assets under management in its private markets platform, which has been primarily built around real estate and multi-management activities, strengthened in 2024 by the acquisition of Alpha Associates.

The partnership between ICG and Amundi will enable over 200 million individual investors served by Amundi’s worldwide distribution network to have access to a number of ICG’s high-performing and diversified private markets strategies, through products specifically targeted at wealth management and retirement planning.

Amundi has recognised expertise in structuring investment vehicles suited to this clientele (including evergreen funds, closed-end funds, blended strategies and ELTIFs). It serves a network of more than 600 distributors including retail banks, private banks, asset managers, insurers and digital platforms, and including the Regional Banks of Crédit Agricole, LCL, and Indosuez Wealth Management.

Amundi and ICG will initially focus on developing, during the first half of 2026, two European evergreen funds: a private equity secondaries fund and a private debt fund.

Both parties are also committed to developing a wider range of investment strategies and products that are appropriate for wealth investors.

This partnership will also enable Amundi to offer Crédit Agricole Assurances opportunities to diversify and expand its allocation to private assets, notably in private debt.

The collaboration is expected to deliver significant value for the stakeholders of both parties and reinforces their long-term strategic positions and ambitions in private markets.

Amundi’s equity investment in ICG

Amundi’s equity investment in ICG underlines the long-term, strategic nature of the partnership, with Amundi intending to acquire an economic interest of up to 9.9% that is non-dilutive to ICG’s existing shareholders. Amundi will nominate a non-executive director to ICG’s Board, allowing it to actively participate in the group’s strategic decisions.

Within Amundi, the investment will be fully accounted for using the equity method.

Valérie Baudson, Chief Executive Officer of Amundi, commented: “This partnership with ICG, a recognized and diversified leader in private markets, represents a remarkable opportunity to offer our distributor clients and the entities and clients of the Crédit Agricole group access to high-performing strategies with proven track records historically reserved for institutional investors. It fully aligns with Amundi’s strategic plan priorities, which aim to strengthen our leadership by expanding our offerings in promising segments supported by long-term trends. This is the case for the private assets market, whose opening to wealth investors meets their growing needs for diversification and long-term savings accumulation for retirement. This partnership opens very promising new opportunities for both parties and is expected to be a driver of profitable and sustainable growth for the benefit of all our stakeholders.”

Benoît Durteste, Chief Executive Officer and Chief Investment Officer of ICG, added: “Our long-term strategic partnership with Amundi is a meaningful step forward in the development of ICG’s strategy to access the Wealth channel in a way that is clearly additive and complementary to our strong existing institutional offering. The combination of ICG’s investment expertise and entrepreneurial mindset with Amundi’s structuring capability and extensive distribution network creates a differentiated partnership with substantial potential, and materially accelerates our ability to access and shape the evolving wealth channels for private markets. At the heart of this relationship is a shared philosophy that investment returns remain core to our long-term success. We are proud of our reputation for an unwavering focus on delivering superior investment performance, and we are excited to work with Amundi to develop more products and strategies that are well-suited to the important and growing wealth market for private investments.”

Source: Amundi