Amundi, Europe’s largest asset manager, has appointed Caceis as its asset services provider in Italy, a country where Amundi has seen strong growth recently.

Amundi SGR, the firm’s Italian subsidiary, has appointed Caceis to provide serivces includng custody, administration and transfer agency to Amundi’s Italian mutual fund range. State Street was the previous provider.

Amundi manages around €50 billion in assets in Italy and the firm highlighted that Italian retail business had been significant in helping Amundi grow its non-French assets under management.

Caceis is the asset servicing business of French banking group Crédit Agricole, which owns 70% of Amundi’s shares.

Giorgio Solcia, managing director of Caceis in Italy, said the outsourcing deal extended the firm’s “extensive partnership” with Amundi worldwide.

Amundi’s CEO in Italy is Alessandro Varaldo who said Caceis had provided the right strategic fit for Amundi’s ambitions.

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