Amundi Is Said to Extend Staff Departure Incentives to DublinBy and
French asset manager wants cost cuts after Pioneer merger
CEO has said he wants to shed about 10% of staff, or 500 jobs
Amundi SA, the asset manager that merged with Pioneer Investments, is offering selected Irish staff packages to quit, extending a redundancy program beyond its home market of France, according to two people familiar with the matter.
Discussions on exit packages from Europe’s largest asset manager have begun with some workers at the former Pioneer operation in Dublin, according to the people, who asked not be identified as the process is private. Initially, when Amundi took control this year, few if any staff in Ireland were offered packages to leave, the people said.
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 company is seeking 134 voluntary redundancies in France as part of its global cost-cutting plans.
Last month, Amundi confirmed its target for 150 million euros ($174 million) of annual cost cuts by 2020 as it integrates Pioneer. Amundi Chief Executive Officer Yves Perrier repeated that he expects to cut staff by about 10 percent at the combined company, the equivalent of about 500 positions.
Perrier acquired Pioneer to expand Amundi’s footprint in markets including Italy, Germany, Austria and the U.S. Under the CEO, 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 euros. Credit Agricole SA, France’s second-largest bank, is Amundi’s majority investor.
Pioneer had about 450 staff in Dublin at the end of last year.