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Crédit Agricole and Société Générale have named their combined asset management arm Amundi.

The companies say the name Amundi blends the initials of "asset management" with an allusion to the world.

The Latin origin of Amundi also harks back to the group's European roots.

Subject to the approval of the European competition authority, Amundi will come into being on 1 January 2010.

With almost EUR650bn under management, Amundi will rank number three in Europe and among the top ten global players.

It will pursue a two-pronged strategy: supply savings solutions to the retail banking networks of the Crédit Agricole and Société Générale groups; and offer a high performance asset management offering to institutional clients.

Yves Perrier (pictured), current chairman and chief executive of CAAM Group and future chief executive of Amundi, says: "Our aim is to make Amundi a key player in the European asset management industry, not just through sheer size, but also through four crucial factors: product quality, measured by financial performance and transparency; close relations with customers, partners' networks and institutions, with whom it will work on a long-term basis; the efficiency of its organisation, resulting from the individual and collective talents of its teams; a commitment to integrate sustainability and social purpose criteria into its investment policies, alongside financial criteria."

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