The captive distribution agreements that Amundi has in place with its banking partners are central to the investment case for Amundi. While retail clients' assets make up only around 37% of Amundi's consolidated assets under management, the firm generates more than 70% of its revenue from retail assets. Amundi originates the bulk of its retail assets through exclusive distribution agreements it has with its banking partners—Crédit Agricole, Société Générale and Sabadell Asset Management. Assets generated through these captive channels are highly profitable because they are cheaper to distribute and tend to be stickier than third-party assets.