FRANCE – Indocam, the investment management arm of France’s largest retail bank Crédit Agricole, has changed its name to Crédit Agricole Asset Management (CAAM), following an EGM of the group in Paris.

The group says the decision is intended to demonstrate the importance asset management as a major part of its global business going forward.

Paul-Henri de la Porte du Theil, chief executive officer of CAAM, comments: “Whichever way you look at it this decision makes a great deal of sense from a business point of view. What the re-branding will now enable us to do is position and promote the group as a global player in the asset management arena whilst allowing at the same time the asset management arm of the business to benefit from the Crédit Agricole name.”

CAMM has around e160bn in assets under management.