French asset manager Amundi has launched a new business line, Amundi Technology, to bolster the sale of its technological solutions for asset managers and other players in the saving industry.

Amundi expects the new business line to generate €150m in revenues within five years.

Backed by Amundi’s technological resources, the new business line will offer three cloud-based software solutions, namely, Alto Investment, Alto Wealth and Distribution, and Alto Employee Savings & Retirement.

Alto Investment is designed to cater to complete needs for the asset management industry while Alto Wealth and Distribution offers several discretionary portfolio management and advisory solutions for private and retail banks.

Alto Employee Savings & Retirement is a consolidated front-to-back management platform dedicated to retirement savings.

The business line will consist of 700 experts spread over its Dublin and Paris hubs as well as teams located in 19 countries, including at the company’s key centres in Europe, Asia and America.

Commenting on the development, Amundi CEO Yves Perrier said: “Technology is a key point of differentiation and development for financial institutions. Amundi has had strong growth over the last ten years thanks to this firm belief, by continuously investing in talent and infrastructure. As such, we have committed to creating a dedicated business line for asset managers, institutional investors, and all those within the savings industry.”

Last month, Amundi launched three flagship funds to retail investors in Singapore and a focus on ESG.

The firm, last month, posted a net income of €288m for the quarter to December 2020, its highest quarterly net income since inception.