Amundi, the global asset management business formed in 2010 by France's Societe Generale and Credit Agricole, has opened a subsidiary in Poland.

Amundi, the global asset management business formed in 2010 by France's Societe Generale and Credit Agricole, has opened a subsidiary in Poland.

Based in Warsaw, Amundi Polska is headed by chief executive officer and president of the management board Eric Bramoullé, Amundi said in a statement.

Its team of five multi-specialist investment managers will be headed by chief investment officer Ludmila Falak.

The other members of  the management board are chief sales and marketing officer Kazimierz Fedak and chief operating officer Julien Bernard.

Amundi Polska said that it aims to reach €1 billion($1.38 billion) in assets under management and a market share of over 3 per cent of retail funds by 2016.

“With over €45 billion in managed assets, Poland is the premier asset management market in Central Europe, having grown by 150 per cent in five years. These figures, together with our historical presence in Poland, have led to the decision to create Amundi Polska,” said Fathi Jerfel, deputy CEO of Amundi and head of investment solutions for retail network division.

Last month, Credit Agricole outlined its plans to increase assets under management in Amundi to €1 trillion by 2016, partly through the acquisition of smaller rivals.

Credit Agricole said that to achieve this target it plans to open the platform to one or more new distribution networks through the purchase of mid-sized players throughout Europe.

The bank is also planning to accelerate organic growth in Europe through strengthening its commercial resources in Germany and the UK and by opening new offices in the Netherlands and Sweden.

Credit Agricole said that in France it was also looking to step up “cross synergies” with the regional banks in wealth management and that it would be opening a wealth management business in Italy.

In its annual statement released earlier this year, Amundi reported a rise in assets from €739.6 billion at the end of 2012 to €777.1 billion at 31 December 2013, an increase of 5.1 per cent.

This figure includes the consolidation of US company Smith Breeden, acquired in the third quarter of 2013 with its €4.7 billion of assets under management, and a positive market and currency effect of €22.4 billion.