European asset manager Amundi is setting up a new marketing team in the UK in a bid to grab a more significant share of the $1.6trn wealth and financial market in the country, reported Bloomberg News.
The France-based $2.1trn money manager is said to have only a few UK-focused staff as part of its centralised marketing team in Paris.
Amundi, which established its presence in the UK in 1999, failed to grab significant market share in the country.
The firm currently employs around 200 staff in the UK with about £47bn of assets under management (AUM).
Following its takeover Lyxor last year, Amundi reorganised the UK distribution team, offering top sales positions to former Lyxor executives.
According to sources, the firm is now seeking to make its brand more visible and to convince more wealth managers to place its passive and active funds into the portfolios of their clients.
Amundi has not finalised the plan yet, but a decision is likely to be made in the next few months, the sources added.
The people also added the firm’s senior management is also planning to introduce a number of UK-domiciled funds in order to add offerings that will be more popular with UK financial advisers.
A spokesperson for the firm declined to comment.
Last month, Amundi Austria acquired robo-adviser Savity, which provides access to professional asset management services to retail clients.
This March, a report by Bloomberg said that the French asset manager was planning to establish a new desk focused on equity capital markets transactions with the aim of expanding its presence in the initial public offering (IPO) segment.