Societe Generale SA Chief Executive Officer Frederic Oudea said he’s “confident” the initial public offering of asset manager Amundi will proceed as planned amid investor appetite for European financial assets.
Global stocks are struggling to emerge from their worst quarter since 2011, as investors fear a Chinese slowdown may dent global growth. Shares in BlackRock Inc., the world’s largest asset manager, have dropped 18 percent since June 17, when Societe Generale announced plans to sell its minority stake in Amundi.
The slump in commodity prices isn’t a “systemic” shift and markets have over-reacted to the slowdown in growth in China, Oudea said in an interview in London on Thursday. The outlook for European equity assets should be “positive” in the next quarters as the region’s economy is improving, he said.
Societe Generale, France’s second-largest bank, said in June it wants to sell its entire 20 percent stake in Amundi this year. The IPO is expected to add about 20 basis points to Societe Generale’s core capital level and Credit Agricole SA has signaled it aims to remain Amundi’s largest shareholder.
Amundi, based in Paris, had 954 billion euros ($1.07 trillion) under management at the end of June, and it would become one of Europe’s biggest publicly traded fund managers.