Interview with Fathi Jerfel
Fathi Jerfel, Head of the retail clients division
Tailor-made offerings to better support our distribution networks
In 2018, you specifically wanted to fully leverage the distribution capabilities of Amundi’s new partner networks. Has that objective been reached?
Indeed, our objective was to bring the UniCredit Group in line with our longstanding partner networks. One of our main strengths, which is part of our DNA, lies in our ability to develop and maintain close relationships with our distribution partners. We successfully conducted the process of operational and logistics integration with UniCredit’s Italian, German and Austrian networks, and we also managed to boost their distribution capabilities. We now have a fully operational new sales force. In addition, we successfully developed “Premiere”, a discretionary management solution for high net-worth Italian clients.
On a broader scale, how would you describe the activity of the Group’s distribution networks in 2018?
After an exceptional first half of the year, all our networks were hit by a slowdown in subscriptions growth rate. This was a worldwide phenomenon, caused by all asset classes achieving sub-zero performances and the anxietyprovoking environment we have experienced since mid-2018. Even though all asset managers were negatively impacted, our partner networks still registered growing net inflows. We now are the leading player in terms of net inflows in Italy and Spain, and in the top three in all of our other European locations.
What is primarily at stake in 2019 and what are your main development objectives?
It is, first and foremost, imperative to help our networks regain confidence. This is why we will focus on two major families of investment solutions which are adapted to our new market environment. On the one hand, we will develop a series of protected solutions, with or without partial or total capital guarantee, and with attractive return prospects, in today’s low rate environment. We will systematically offer these solutions to our European and Asian clients, and renew them on a monthly basis. On the other hand, we will provide more risky thematic solutions. In parallel, we will continue to roll out our discretionary management strategies across UniCredit’s networks, especially in Germany. And we will further offer innovative retirement savings schemes, with new PERP (1)-based products, or solutions based on asset classes such as real estate or passive management, on which Amundi’s expertise is now widely acknowledged.
(1) France’s main Retirement Savings Plan.
“Protected and thematic solutions are well adapted to our new market environment.” Fathi Jerfel