NH-Amundi celebrates name change

Korean asset management company NH-CA Asset Management has changed its name, and celebrated it by holding a forum on global economy in Seoul on Wednesday.

Now called NH-Amundi Asset Management, the nation’s seventh-largest asset management firm changed its name on May 1 in a bid to enhance its French parent company Amundi’s brand name and tap into its extensive global network.

NH-Amundi was established as a joint venture in 2003 between NH Financial Group of Korea with a 70 percent stake and Amundi with 30 percent. Amundi, an asset management subsidiary of French financial group Credit Agricole, is the largest asset management company in Europe.

NH-Amundi Asset Management CEO Han Dong-joo said the new name represents a good combination of NH Financial Group’s domestic expertise and Amundi’s global strength.

He said his company aims to double the asset under management from the current 30 trillion won to 60 trillion won in 2020 to come within top five in the local asset management market.

At the forum, Mo Ji, chief economist at Amundi Hong Kong, said the Chinese economy has witnessed a bottom already and will contribute to the world economic growth this year and next.

Walid Azar Atallah, thematic equities portfolio manager at CPR Asset Management, said aging population’s purchasing power will grow worldwide, especially in eight sectors including well-being, asset management, leisure and pharmaceuticals.

By Kim Yoon-mi (yoonmi@heraldcorp.com)