Echoing the ambitions of other European-headquartered investment players in recent years, Amundi, the asset manager formed by Societe Generale and Crédit Agricole in 2010, says it wants Asia to be its second “domestic” region.

Echoing the ambitions of other European-headquartered investment players in recent years, Amundi, the asset manager formed by Societe Generale and Crédit Agricole in 2010, says it wants Asia to be its second “domestic” region.

The business, which has $1 trillion of assets under management, yesterday marked its 25-year anniversary of operating in Singapore. In Hong Kong, it has had a presence (in the firm of its parent firms) since 1982.

“Amundi’s ambition is for Asia to become its second `domestic’ region,” Yves Perrier, chief executive, said in a statement yesterday. “Amundi has ambitions for strong development in South Asia. Singapore is the group’s chosen operational hub for the development of its business in the region. Our ambition is to provide local institutional and private investors with efficient investment solutions based on a powerful operational infrastructure fully supported by the group investment management centers around the world,” he said.

A few years ago, Zurich-listed Julius Baer described Asia in similar terms as its "second domestic market", demonstrating how some firms see the region. Ironically, Amundi's co-parent, Societe Generale, sold its Asia private banking arm to Singapore-headquartered DBS earlier this year, suggesting that for some Western players, making a success of Asian wealth management is not a pushover.

At the start of April this year Amundi acquired a Kuala Lumpur-based fixed income company, KAF Fund Management, which was a subsidiary of the Malaysian banking giant KAF Group.

Half-century for UBS

Continuing the theme of anniversaries in Singapore, Swiss bank UBS yesterday launched its 50th anniversary in Asia celebrations in Singapore by unveiling a new skyline building signage on One Raffles Quay.

In an event officiated by chairman, Axel Weber, group CEO Sergio Ermotti, and the bank's group executive board, the bank marked the start of a year-long series of celebrations which will include client, employee and community activities across Asia.