CLAM name disappears in merger
EUROPE – The Crédit Lyonnais Asset Management names is set to disappear with the regulatory approval of the merger between Crédit Agricole Asset Management and CLAM.
Crédit Agricole said its new asset management arm, formed with the merger between CA-AM and CLAM, has received approval from French market regulator the Autorité des Marchés Financiers. The merged entity would take the Crédit Agricole Asset Management name.
It said: “The new entity will be called Crédit Agricole Asset Management to capitalise on its membership of the Crédit Agricole group and the reputation enjoyed by the brand in international markets.”
The investment products and services the Crédit Agricole Regional Banks and Crédit Lyonnais branch network sell will keep their own brand names.
Crédit Agricole said one of the priorities of the merged entity in France would be to “capitalise on the huge opportunities offered by France's burgeoning pensions market”.
In international markets it would aim to gain market share “by deploying existing capability”. It said: “Europe and Asia, in particular, offer massive potential for expansion which is being sought with a focus on institutional investors, local distributors or partnership agreements.”
As at the end of March 2004, Crédit Agricole Asset Management had 282.3 billion euros in assets under management. Crédit Agricole bought Crédit Lyonnais last year.