Amundi has revealed ambitious targets for its joint venture with Bank of China (BOC) Wealth Management by 2025, listing figures of more than €60bn ($70.8bn) in AuM and €50m in net income.

According to the Q3 2020 results of the French asset management firm, the joint venture has significantly enhanced the firm’s potential for growth in China.

Across the whole of Asia, the firm registered AuM of €303bn, citing “a pragmatic approach combining JVs and subsidiaries” as the driver of their success.

Yves Perrier, CEO of Amundi, said: “The launch of the new subsidiary in China with BoC give Amundi a unique position in this fast-developing market. Thanks to this new growth driver and the favourable momentum of its other activities in Asia, Amundi is targeting AuM of €500bn in the region by 2025.”

Perrier continued: “Thanks to its diversified business model and its operating efficiency, Amundi is therefore confirming its ability to combine growth and profitability, in spite of a market environment, which remains fragile due to the Covid-19 crisis.”

Amundi BOC Wealth Management Company is the first foreign majority-owned company in China permitted to design and offer wealth management products to mainland investors.

Having received its license from the China Banking and Insurance Regulatory Commission in September, the company began operations in October, and plans to launch its first product by the end of 2020.

Amundi occupies a 55% stake while BOC Wealth Management, a subsidiary of the Bank of China, holds 45%.

Back in October, Perrier correctly anticipated that China would become one of the firm’s “major markets in the coming decade” and that the launch of the venture “is on track” with the firm’s plans to accelerate its development in China.

He said: “Considering the depth of the wealth management market and its growth potential, the company expects a strong course of development.”