WEST PALM BEACH, FL (HEDGECO.NET) – The French banking giant, Credit Agricole has announced the formation of its new asset management subsidiary. According to the news release, this occurred as aresult of the recent merger of Credit Agricole and Credit Lyonnais. Credit Agricole decided to keep the Credit Agricole Asset Management [CAAM] name for its new asset management operations. Part ofthe reason is “to capitalize on its membership of the Credit Agricole group and on the fame of its brand that has been developed internationally,� according to the statement.
The new asset management unit will focus on three areas: Credit Agricole local branches, Credit Lyonnais branches, as well as another operation both inside the French jurisdiction and outside of France, according to the news release.
CAAM has become the largest asset manager in France, overseeing a total of US $343.7 billion, according to published reports. Some degree of independence will be retained by Credit Lyonnais, which will continue to operate under its name, such strategy will enable it to keep and protect its markets, as well as products and services.
CAAM will also continue to operate specialist funds management subsidiaries. Some of these subsidiaries include, �BFT Gestion, two property divisions, an alternative asset management subsidiary primarily for hedge fund investing, socially responsible investment, multi-management and quantitative management divisions,� according to news reports.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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