In particular, the Philippines and Indonesia stood out for Amundi: Both countries have a combined population of about 400 million and Bramoullé expects the retail markets there to “boom” in the coming years in line with the rapid economic growth. “So, at some point [in time], if you want to develop your activity, you have to get there,” he adds.
As Amundi Asset Management seeks to become one of the top five asset management firms in the world, finding growth in China has become a key thrust. Last month, the French asset manager launched a wealth management joint venture in Shanghai so as to tap growing wealth in that market. It also plans to establish an outbound investment business in Beijing as China becomes more welcoming to global asset management firms, as part of a broader reform of its financial sector.
The flurry of activity in China might lead some to think that Amundi is shifting focus out of Southeast Asia. But Eric Bramoullé, CEO of Amundi in South Asia, says this is not the case. In an interview with The Edge Singapore, he maintains that the region continues to play an integral part of the asset manager’s bid for expansion outside its core market of Europe. Southeast Asia holds much potential for growth, despite its diverse markets, he says. As such, the asset management firm intends to expand further in Southeast Asia, apart from its existing presence in Singapore, Malaysia and Thailand, notes Bramoullé, who has more than two decades of experience in this industry.
