Finance
UniCredit booked provisions to keep cutting Amundi funds until contract ends
Published by Global Banking & Finance Review®
Posted on February 9, 2026
1 min readLast updated: February 9, 2026
Quick Summary
UniCredit is reducing Amundi funds, preparing for penalties until their contract ends in 2027, while shifting to other fund providers.
UniCredit booked provisions to keep cutting Amundi funds until contract ends
UniCredit's Fund Management Strategy
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.
Contractual Obligations with Amundi
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.
Impact on Fund Distribution
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.
Future Provisions and Penalties
"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)
Key Takeaways
- •UniCredit is reducing Amundi funds in client portfolios.
- •Provisions are made for penalties due to Amundi.
- •The distribution contract with Amundi ends in 2027.
- •Amundi's owner, Credit Agricole, affects UniCredit's expansion.
- •UniCredit shifts to Onemarkets and other fund providers.
Frequently Asked Questions about UniCredit booked provisions to keep cutting Amundi funds until contract ends
1What is fund management?
Fund management refers to the professional management of various securities and assets to meet specified investment goals for the benefit of investors.
2What are contractual obligations?
Contractual obligations are the duties and responsibilities that parties agree to fulfill as part of a contract.
3What is a penalty in finance?
A penalty in finance is a fee or charge imposed for not adhering to the terms of a financial agreement or contract.
4What are investment portfolios?
Investment portfolios are collections of financial assets such as stocks, bonds, and other securities held by an individual or institution.
5What is fund distribution?
Fund distribution is the process of selling and managing investment funds to investors, often involving financial intermediaries.
