Amundi Asset Management
"Amundi is one of those rare managers that have demonstrated the ability to add value across a number of asset classes and themes. They operate with the flexibility of a boutique investment firm but fully leverage the vast resources available to them as a global giant."
- Daniel Solomon, Chief Investment Officer, NEI Investments
Paris-based institutional asset manager, with six management teams operating in major financial centers in the U.S., Europe and Asia. Amundi manages over U.S. $1.1 trillion and are ranked as the largest asset managers in Europe and ninth worldwide.1
Amundi Asset Management invests in all asset classes and major currencies with extensive investment expertise in Euro fixed income, global fixed income and active equity management. They are also recognized as a leading asset manager with respect to integrating environmental, social and governance (ESG) factors into their investment decision making process.
1No. 1 European asset manager based on global assets under management (AUM) and the main headquarters being based in Europe. Source: IPE "Top 400 asset managers" published in June 2015 and based on AUM as at December 2014.
Global Fixed Income — The primary objective is to enhance investment opportunities by using a risk-based portfolio construction methodology. The investment process is based on a rigorous global top-down approach that actively allocates risk across several investment tools, including: duration management, country and yield curve positioning, sovereign bonds and credit allocations.
During normal periods these generally have low correlation and improve portfolio diversification. The investment team conducts a bottom-up analysis for bond selection to further align risk control with expected returns. The fund also follows a socially responsible approach to investing.
The first step in the investment process is to determine the overall macro-economic outlook using top-down directional and relative value views on most developed and developing government and corporate bond and currency markets. Second, a model portfolio is built to provide a risk allocation template. The team's focus is to enhance portfolio returns and simultaneously reduce potential risk. Lastly, portfolio positions are implemented through cash, bonds or derivatives, with the portfolio management team managing the allocation tactically to supplement the top-down risk allocation with bottom-up bond selection. The combination of top-down and bottom-up allows the team to focus on full business cycle management - allocating from one asset class to another, tapping into value wherever it exists.
Global Equities — The primary objective is to select developed markets stocks that pay higher and more sustainable dividends than their sector's average. The investment process begins with a number of filters to ensure only the most liquid and ESG friendly companies within the MSCI World are eligible.
The Amundi investment team from the bottom up assesses and ranks global companies based on key criteria such as high operating efficiency, high profitability and low or no debt. The top 50% highest dividend paying stocks in each sector are then selected.
The second part of the investment process is at the portfolio construction level to reduce concentration risk and correlation between stocks. Concentration risks are mitigated through limits on stock, sector and geographic weights. Correlation risks are evaluated through a portfolio optimization tool that identifies stocks that have a low correlation with one another. Stress test risk monitoring is conducted to ensure that inherently riskier sectors are within acceptable limits.
|Name||Lead Managers||Inception Date||Category||Morningstar Profile|
|NEI Global Dividend RS Fund*||Melchior Dechelette
Marc-Ali Ben Abdallah
|2007-10-30||Global Equity||A F P PF|
|NEI Global Total Return Bond Fund||Laurent Crosnier
|2013-09-20||Global Fixed Income||A F P PF T|
*Effective August 30, 2016, the portfolio manager of the NEI Global Dividend RS Fund has changed from Beutel, Goodman & Company Ltd. to NEI Investments and Amundi Canada Inc. and Amundi Asset Management were appointed as sub-advisors.
Lead Managers - Global Equities
Head of Active Smart Beta Equities & Lead Portfolio Manager
Melchior Dechelette is Head of Active Smart Beta Equities. He joined Amundi in 2002 as an European Equity Manager. Before joining Amundi he was portfolio manager and buy-side analyst at CPR AM. Melchior Dechelette holds an MA in Management (Finance) from Paris IX Dauphine University.
Marc-Ali Ben Abdallah
Portfolio Manager, Active Smart Beta Equities
Marc-Ali Ben Abdallah is a Portfolio Manager in the Risk Efficient Solutions Team among the Smart Beta Unit. He joined the team in 2018 from Multi-Asset Global Institutional Team where he was working for the Emerging Market Group as a Senior Asset Allocation Advisor. Prior to this position, Marc-Ali Ben Abdallah was a Senior Emerging Market Strategist within the Strategy and Economic Research Team. He has occupied various positions into this team since 2003. Before 2013, Marc-Ali was Head of Asset Allocation in the strategy team actively participating to Amundi Investment Committee, and to the communication to clients of Amundi Investment policy. He joined CAAM as an Equity Strategist in July 2004 and became Global Strategist in 2005. Prior to that, Marc-Ali was an Equity strategist at Credit Lyonnais Asset Management. He had joined CLAM in 2001 as a Quantitative Analyst to work on equity investment processes. Marc-Ali holds a degree of Economics and Statistics from l'Ecole Nationale de La Statistique et de l'Administration Economique (E.N.S.A.E.) in Paris.
Portfolio Manager, Active Smart Beta Equities
Bruno Taillardat joined Amundi in September 2016 as Global head of Smart Beta & Factor Investing. Bruno started his career at Paribas Asset Management in 1998 as a Quantitative Analyst on North-American equities management, where he was appointed Head of Quantitative Research. He joined Unigestion in March 2007 as Senior Portfolio Manager in the Equity team, where he participated to Equity portfolios management on the different markets covered (Europe, US, Japan, Global, Asia-Pacific and Emerging Markets) and to the development of the risk-based management process. At Unigestion, he was then appointed Head of Equity Investments and Responsible for quantitative and fundamental research. Bruno also strongly contributed to the Unigestion Equity management expertise promotion with international investors. Bruno has a post-graduate degree in Mathematics from the University of Marseille and he completed executive education programs at the IMD Business School in Lausanne.
Lead Managers - Global Fixed Income
CEO and CIO - Amundi London
Laurent began his career as a futures trader at Oddo in 1989. He joined Crédit Agricole Asset Management in 1991 as a euro fixed income portfolio manager. In 1997, he became portfolio manager specialising on euro corporate, before being promoted to Head of Euro Corporate and High Yield Management. From 2006 until 2008, he was Head of Inflation, Duration and Credit at CAAM's Euro Fixed Income and Credits department before becoming Head of Euro Fixed Income and Credit. In April 2010, he was appointed CIO of Amundi London Branch. Laurent Crosnier was born in 1965 and holds a post graduate diploma in economics and finance from Paris Dauphine University and a CFA charter.
CFA, Head of Global Aggregate Strategies - Amundi London
Myles is Head of the Global Aggregate Fixed Income in Amundi, London. He has almost 20 years of experience managing interest rate, credit, securitized, volatility and foreign exchange rate risks in global portfolios. Myles has a top-down macro background. He joined Amundi after 8 years at PIMCO, where he led the firm's Eurozone sovereign & macro strategy and managed Global and single currency fixed income portfolios. Prior to PIMCO, Myles worked for Threadneedle Asset Managers, managing global bond portfolios. He started his career as an economist at H.M. Treasury before moving to M&G investment managers in London. Myles graduated from Oxford University and is a CFA charterholder.