The integration of that firm is by now entirely complete and does not appear to have caused significant disruption. Contrary to many competitors, Amundi has not undertaken staff layoffs and continues to invest significantly in both its active and passive capabilities, with a particular focus on environmental, social, and governance offerings. Amundi also recently acquired Zurich-based Alpha Associates, which specializes in private equity and private debt. CEO Valérie Baudson, who took over the role in 2021, has indicated plans to pursue further acquisitions. We will be watching these developments closely to ensure they do not distract from the group's core mission. Another recent change that bears monitoring is the appointment of a new CIO for equities, Barry Glavin(formerly head of fundamental equities at SSGA) in March 2024. We will be keen to observe how he plans to develop Amundi's active equity platform.
In the meantime, the firm has continued the difficult task of rationalizing its fund range by culling those active strategies it deems insufficiently differentiated. While these efforts should ultimately benefit investors through a clearer fund lineup with higher active risk, it will take some time for them to bear fruit. Additionally, the group has continued to launch new strategies at a steady pace, including niche thematic strategies that we view with some caution as they tend to be difficult for investors to use. Offered through Amundi's subsidiary CPR, these include funds launched on the blue economy, circular economy, and European strategic autonomy themes.
Overall, the firm's stewardship remains solid, though not outstanding. Incentive structures for portfolio managers and analysts are in line with industry norms but could be improved by giving a larger weighting to long-term returns instead of short- and medium-term numbers. Additionally, while some portfolio managers invest personally in the funds they manage, it's far from being a common practice at the firm. Finally, while its passive products are very competitively priced, we believe Amundi could do more to pass on its large economies of scale in the form of cheaper fees on its active funds.