This week marked yet more strategic shift at Europe’s second-largest ETF issuer as Amundi appointed Benoit Sorrel as global head of ETF, indexing and smart beta.
He replaces Arnaud Llinas, who entered the role two years ago after Amundi acquired rival firm Lyxor.
Sorel joins from BlackRock, where he has led EMEA product and distribution strategy since 2018.
His arrival follows more than a year of consolidation at Amundi including mergers of 15 products housing almost $9bn in the last fortnight alone.
The changes come after the French asset manager said in its Q3 results it had “almost entirely” realised the operational benefits of integrating the Lyxor business it acquired last year.
FCA warning to wealth managers
In a letter to CEOs, the Financial Conduct Authority (FCA) warned it would challenge firms to justify high charges and accused some of taking advantage of established client relationships.
It said many do not clearly disclose their fee structures, while some charge for services that are not actually being delivered, including ongoing advice.
The UK’s financial watchdog added it would soon be taking action against firms who fail to rectify the issues it highlighted.
Listed-unlisted optionality
Finally, Tabula has become the latest issuer to offer listed and unlisted share classes through its Paris-aligned ultrashort bond ETF.
Tabula CEO Michael-John Lytle said offering an unlisted share class will make the product accessible to those without the tools needed to trade ETFs.
The move sees the firm join the likes of HSBC Asset Management, which became the first to launch listed and unlisted share classes of its fixed income product on its Irish platform.
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