We Increase Our Fair Value Estimate for Amundi to EUR 90/share

The captive distribution agreements that Amundi has in place with its banking partners are central to the investment case for Amundi. While assets from retail clients only make up around 30% of Amundi's consolidated assets under management, Amundi generates nearly 75% of its revenue from retail assets. Amundi originates the bulk of its retail assets through exclusive distribution agreements it has with its banking partners - Credit Agricole, Societe Generale, UniCredit and in the future, Banco Sabadell. Assets generated through these captive channels are very profitable as they are cheaper to distribute and the assets tend to be stickier than third party assets.