2025-2028 strategic plan
Invest for the future
The plan prioritises growth, diversification, innovation, efficiency, and selective investments to deliver attractive value for shareholders and excellence for clients.Valérie Baudson, Chief Executive Officer, said:
"Through our new plan, we will deliver further growth, industry leading efficiency with AI being one enabler, while investing in the continued strengthening of our solutions, and innovating across technology and digitalisation to anticipate market needs.
“Invest for the future” will create long‑term value for all stakeholders, including our shareholders, who will benefit from an attractive payout commitment over the plan period, and a continued focus on seeking out disciplined, accretive external growth opportunities."
Six strategic priorities
Invest for the future
Under Invest for the future, Amundi will focus on six strategic priorities, collectively generating €300bn+ in net inflows by 2028¹.1. Accelerate client diversification with focus on high potential segments: retirement & digital
- Retirement solutions: Generate more than €100bn of net inflows by 2028 by capitalizing on the shift from defined‑benefit to defined‑contribution plans, and demand for individualized solutions from distributors and wealth managers. Amundi has created a new dedicated business line to build on market leadership in France and Italy, and expand offer across Northern Europe and Asia, blending public and private strategies. Amundi is to empower investors with bespoke investment solutions, education, services and technology.
- Digital distribution: Grow digital clients by 50% by 2028, supporting digital players to move up the savings value chain towards wealth management clients by broadening their investment proposition, and helping traditional banks to further digitalise their client offer.
2. Expand geographical reach to capture growth in Asia, Europe and high potential regions
- Asia: Capture +€150bn in Asian net inflows by 2028, building on a solid regional footprint combining strong direct presence and successful JVs and unique global-local capabilities for leading financial and public institutions. Growth supported by listing of Indian JV SBI FM in early 2026.
- Europe: Continued growth in core markets and strategic focus on capturing market share in Northern Europe with focus on UK, Germany, Benelux, and the Nordics.
- High potential regions: Build on growing client activity in Middle East, Latin America and Africa.
3. Drive innovation in solutions by investing across active, passive and private assets
- Active Management: Simplify and scale up by growing flagship funds, developing new high-potential strategies, quantitative and bespoke solutions and building innovative solutions including through tokenisation and digital assets initiatives.
- ETF & Index Management: Expand European leadership by leveraging scalable platform to deliver client-centric product innovation and unlock new revenue pools. Plan to launch 100 new ETFs by 2028, and create a new business line dedicated to active and white label ETFs.
- Private Assets: Capture growth from growing participation of retail investors, capitalising on Amundi’s expertise in retail distribution, through greater synergies with Credit Agricole and strengthened offer following integration of Alpha Associates and new partnership with market leader ICG announced today.
- Responsible Investment: Build on global and differentiating leadership with continued innovation in blended finance, climate adaptation, natural capital, and stewardship.
4. Activate technology roadmap to become preferred solution in Europe and Asia
- Technology: Double Amundi Technology revenues by 20282, capitalising on diversified offering serving more than 80 clients in over 15 countries. Capture significant wealth management tech market opportunities, leveraging Aixigo acquisition and new offerings including Data-as-a-Service and Amundi’s proprietary AI studio.
5. Optimize operating model to deliver efficiency and redirect resources to growth areas
- Simplification: Streamline organisational and operational model, as demonstrated by the recent CPR and BFT Investment Managers merger and optimisation of European multi-asset set up.
- AI solutions: Leverage proprietary AI platform to support process optimisation, create client value and reduce external spend, rolling out 50 applications at scale by 2028, and converting 100% AI platform access into 80% regular staff users.
- Resource reallocation: Redirect resources to growth and priority areas (Technology, Asia, Retirement, Passive, Third-party Distribution & Services, Private Assets).
6. Invest for value creation
- Organic development: €800m3 to be invested in organic growth initiatives over the plan horizon across priority areas.
- External growth opportunities: opportunities must drive growth, with manageable execution risk and a return on investment of at least 10% within 3 years.
Financial targets
Capturing profitable growth
The Group’s strategic roadmap translates into the following financial targets:
01
Clear earnings trajectory
- Deliver €300bn of cumulative net inflows in our strategic growth pillars over the period1.
- Earnings per share1 of more than €7 in 2028, under a constant market and forex scenario and in all UniCredit distribution agreement scenarios.
02
Industry-leading cost efficiency
- Cost to income ratio4 below 56% over the period.
- Continuous focus on operating and organisational model, powered by artificial intelligence and digital.
- Increased organic investment in strategic growth areas.
03
Attractive shareholder returns
- Commitment to return remaining excess capital from the 2025 strategic cycle to shareholders via share buy-backs5.
- Commitment to a payout ratio of at least 65%, for the period 2025-28.
04
Disciplined capital management
- Continue to seek external growth opportunities, that strengthen and diversify activities.
- Maintain an appropriate level of capital for M&A opportunities and flexibility to return excess capital to shareholders in the absence of such opportunities meeting strict business and financial criteria.
Since our IPO, Amundi has consistently developed its strategic priorities and created new ventures while remaining agile — steering resources to the most promising opportunities and maintaining rigorous operational discipline. With this new plan, we are once again investing in Amundi’s long-term future while delivering growth, industry-leading cost efficiency and attractive shareholder returns. We have a clear capital management plan, continuing to seek out external growth initiatives that deliver growth and a robust return on investment, building on our longstanding track record.
- Excluding the exceptional exit which will result from the RFP of India’s EPFO
- FY 2024: €95m proforma aixigo
- 30% increase vs Ambitions 22-25 plan horizon
- Adjusted data
- Exact amount being subject to the final transaction with ICG