SPAIN – Crédit Agricole Asset Management (CAAM), the investment management arm of French financial services group, Crédit Agricole, has re-organised its Madrid-based Spanish subsidiary with the creation of a new mutual fund distribution arm, Agencia de Valores.
CAAM says the new company will complement its existing Spanish asset management firm, Indosuez Fondos, and its main objective is to consolidate CAAM’s presence in the mutual fund industry on a national scale throughout Spain.
To this end, CAAM has struck a number of new distribution agreements with Spanish banks, Santander, BBVA Privanza, Banco Atlántico, Bancaja, Bankoa, Uno-e, Inversis y Tressis as well as through the Spanish retail banking arm of Crédit Agricole Indosuez.
CAAM says it has been present on the Spanish market since 1993, managing assets for mainly institutional clients, including pension funds, insurance companies and banks. It believes the new set-up allows it to penetrate the retail and mutual fund market with Agencia de Valores whilst freeing Indosuez Fondos to concentrate on the institutional side.
Says Michel Escalara, chief executive officer of CAAM’s Spanish operations: “These changes enable us to capitalise on the Crédit Agricole group’s existing infrastructure in Spain and strengthen our offering in a market we believe has great development potential.”