UniCredit intends to eliminate its โฌ13 billion in assets under management with Amundi byโ 2027, a move announced October 28,โ 2025, and escalating tensions between the โItalian bank’s CEO, Andreaโ Orcel, and both the Italian and German governments. The decision,โค revealedโค during โUniCredit’s third-quarter โขearnings call, signals aโค strategic shift away from the asset โคmanagement partnership and towards โUniCredit’s internal wealth management capabilities.
The unraveling of the Amundi relationship stems from a broader dispute โฃover the future โof Italian banking and the influence of Berlin, according to Orcel. He publicly criticized both governments,โค alleging interference โขinโ UniCredit’s strategic directionโฃ and โquestioning their commitment to a โlevel playing field for European โfinancial institutions. โThis move impacts Amundi’s revenue stream and possibly reshapes the competitive landscape โof European asset management, notably as UniCredit aims to grow its own wealth management business, targeting โฌ100 billion in assets under management by 2027.
UniCredit’s partnership with Amundi, initiatedโค in 2019, was intended to bolster its wealth management offerings. โHowever,Orcel has consistently expressed dissatisfaction with the arrangement,arguing it did not fully leverage UniCredit’s distribution network โor deliver sufficient returns. The bank will begin a phasedโ reduction of assets managed by Amundi in the coming quarters, with a โขcomplete exit โanticipated by the end of 2027.
Orcel’s โฃcriticisms extended to โaccusations of political pressure fromโฃ Berlin regardingโ UniCredit’s potential acquisitions andโ strategic decisions. He specifically referenced concerns over โthe bank’s independence and the need to protect its interests against undue external influence. โคThese allegationsโฃ have prompted responses from both Italian and German officials, denying any โimproper interference.
The move to internalize asset management is part of UniCredit’s broader strategy to enhance profitability and streamline operations. The bank anticipates cost savings and increased revenue generation through its own wealth management platform.Investors will be closely watching UniCredit’s progressโ in buildingโค its internalโ capabilities and achieving its โฌ100 billion AUM target.
