UniCredit intends to eliminate its €13 billion in assets under management with Amundi by 2027, a move announced October 28, 2025, and escalating tensions between the Italian bank’s CEO, Andrea Orcel, and both the Italian and German governments. The decision, revealed during UniCredit’s third-quarter earnings call, signals a strategic shift away from the asset management partnership and towards UniCredit’s internal wealth management capabilities.
The unraveling of the Amundi relationship stems from a broader dispute over the future of Italian banking and the influence of Berlin, according to Orcel. He publicly criticized both governments, alleging interference in UniCredit’s strategic direction and questioning their commitment to a level playing field for European financial institutions. This move impacts Amundi’s revenue stream and possibly reshapes the competitive landscape of European asset management, notably as UniCredit aims to grow its own wealth management business, targeting €100 billion in assets under management by 2027.
UniCredit’s partnership with Amundi, initiated in 2019, was intended to bolster its wealth management offerings. However,Orcel has consistently expressed dissatisfaction with the arrangement,arguing it did not fully leverage UniCredit’s distribution network or deliver sufficient returns. The bank will begin a phased reduction of assets managed by Amundi in the coming quarters, with a complete exit anticipated by the end of 2027.
Orcel’s criticisms extended to accusations of political pressure from Berlin regarding UniCredit’s potential acquisitions and strategic decisions. He specifically referenced concerns over the bank’s independence and the need to protect its interests against undue external influence. These allegations have prompted responses from both Italian and German officials, denying any improper 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 progress in building its internal capabilities and achieving its €100 billion AUM target.
