Published by Global Banking & Finance Review®
Posted on February 9, 2026
1 min readLast updated: February 9, 2026
Add as preferred source on GoogleUniCredit is reducing Amundi funds, preparing for penalties until their contract ends in 2027, while shifting to other fund providers.
MILAN, Feb 9 (Reuters) - UniCredit has already booked the provisions needed to cover penalties owed to its partner Amundi as the Italian bank keeps cutting the amount of funds from the French company in client portfolios, CEO Andrea Orcel said.
UniCredit's distribution contract with Amundi expires in mid-2027. The bank's relations with Europe's biggest fund manager have been complicated by Amundi's owner, France's Credit Agricole, expanding in Italy and hampering UniCredit's own domestic expansion plan.
Orcel said in a post-result conference call that UniCredit had been distributing clients more of its own Onemarkets funds or those of other providers.
"Every time we do that we pay them a penalty ... and we have taken provisions for most of those penalties that we anticipate for this year and half of next," he said.
(Reporting by Valentina Za, editing by Gavin Jones)
Fund management refers to the professional management of various securities and assets to meet specified investment goals for the benefit of investors.
Contractual obligations are the duties and responsibilities that parties agree to fulfill as part of a contract.
A penalty in finance is a fee or charge imposed for not adhering to the terms of a financial agreement or contract.
Investment portfolios are collections of financial assets such as stocks, bonds, and other securities held by an individual or institution.
Fund distribution is the process of selling and managing investment funds to investors, often involving financial intermediaries.
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