(Updates with details)
PARIS, July 30 (Reuters) - France’s Societe Generale signed a new five-year distribution agreement with asset manager Amundi and said it would open up its retail and insurance networks to more asset managers.
SocGen’s decision marks a change in the French market where banks usually offer funds managed by in-house asset managers. Many banks in Europe have moved to a so-called open architecture where they offer investment funds of several asset managers.
“This partnership heralds a new stage in our strategy around the supply of investment solutions as we work to create open architecture solutions that our retail networks can offer our clients,” SocGen’s chief executive Frederic Oudea said in a statement.
Societe Generale and Amundi signed their first commercial distribution agreements in 2009. These were renewed in 2015 during the IPO of Amundi, when Societe Generale sold all its shares in the group.
As part of the new deal, which will take effect from November, Amundi will continue to operate as SocGen’s “primary partner for the supply of savings and investment solutions for its retail banking and insurance networks, as part of an open architecture structure allowing access to other asset managers”, the two companies said.
Credit Agricole S.A. is Amundi’s majority owner. (Reporting by Maya Nikolaeva; Writing by Matthias Blamont; Editing by Benoit Van Overstraeten and Mark Potter)