UniCredit Plans to Pull Client Money From Amundi by Mid-2027

UniCredit SpA is rapidly cutting the amount of client money it invests through Amundi SA and wants to reduce the level to almost zero in less than two years, reflecting the Italian lender’s frustration with the fees it pays under an asset management deal that is coming up for renewal.

UniCredit is already reducing its business with Amundi even though that incurs breakup penalties, people familiar with the matter said. The firm sees that as a lesser burden than the fees charged under the current arrangement, they said, asking not to be identified discussing a private matter.