GLOBAL - Two giant asset management and consultancy firms were created at the beginning of this year, as Amundi joined the asset management market and Towers Watson formalized its merged consultancy position.
Amundi Group was created on the 31 December 2009 through the merger of Société Générale and Crédit Agricole SA - two of France's biggest asset managers - giving the new company €650bn in asset under management.
This completed deal - first announced in October - makes Amundi the third-largest asset manager in Europe and eighth-largest in the world. (See earlier IPE story: CAAM and SocGen AM to become Amundi)
Similarly, Towers Perrin and Watson Wyatt yesterday announced they had completed their merger, created the global consultancy giant Towers Watson. The new firm was listed on the New York Stock Exchange and NASDAQ today (4 January 2010) and is said to be worth $4bn (€2.77bn).
This deal was first announced at the end of June 2009. (See earlier IPE story: Consultancy merger to create Towers Watson)
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