Re­dun­dan­cies ex­pected at Dublin as­set man­ager

The Irish Times - Business - - BUSINESS / NEWS -

Amundi, the as­set man­ager that merged with Pi­o­neer In­vest­ments, is of­fer­ing se­lected Ir­ish staff pack­ages to quit, ex­tend­ing a re­dun­dancy pro­gramme be­yond its home mar­ket of France, ac­cord­ing to sources.

Dis­cus­sions on exit pack­ages from Europe’s largest as­set man­ager have be­gun with some work­ers at the for­mer Pi­o­neer op­er­a­tion in Dublin, the sources said.

Ini­tially, when Amundi took con­trol this year, few if any staff in Ire­land were of­fered pack­ages to leave, they added.

Pi­o­neer had about 450 staff in Dublin at the end of last year.

An Amundi spokesman de­clined to com­ment on any po­ten­tial job cuts in Ire­land or in other coun­tries, while con­firm­ing an ear­lier me­dia re­port that the firm is seek­ing 134 vol­un­tary re­dun­dan­cies in France as part of its global cost-cut­ting plans.

Last month, Amundi con­firmed its tar­get for €150 mil­lion of an­nual cost cuts by 2020 as it in­te­grates Pi­o­neer. Amundi chief ex­ec­u­tive Yves Per­rier re­peated that he ex­pects to cut staff by about 10 per cent at the com­bined com­pany, the equiv­a­lent of about 500 po­si­tions.

Foot­print in mar­kets

Per­rier ac­quired Pi­o­neer to ex­pand Amundi’s foot­print in mar­kets in­clud­ing Italy, Ger­many, Aus­tria and the US.

Un­der the chief ex­ec­u­tive, who presided over Amundi’s cre­ation al­most eight years ago, the firm has grown from a mostly French-fo­cused money man­ager to a Euro­pean leader over­see­ing about €1.4 tril­lion. Credit Agri­cole, France’s sec­ond-largest bank, is Amundi’s ma­jor­ity in­vestor.

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