Investors are looking for stability in Amundi Asset Management's Australian operations after a series of key staff changes and problems with the firm's fixed income fund.
Amundi Australia has been faced with a series of rather messy changes in key staff since the firm was created from the merger of the asset management operations of Credit Agricole and Societe Generale at the beginning of this year.
The firm appointed Brian Scott as country head of Australia and New Zealand and its new chief executive on 13 October, the same day Amundi's former CEO, Richard Borysiewicz, left the firm.
Paris has been tight-lipped on the reasoning behind the management change, but sources close to the French executive team said the company was keen to "enhance the management" of the Australian operations.
It is understood the French have been unhappy about how the integration of the two businesses in Australia was handled.
A number of key staff decided not to be part of the merged entity, including Credit Suisse Asset Management director of institutional distribution John Marigiannis and Societe Generale Asset Management Australia managing director and head of institutional business Phil Filippelis.
Rumours about the impending leadership change of the local operations surfaced about a month ago, after a recruiter sent from Paris to Australia rather indiscreetly scoped the field for a successor to Borysiewicz.
Amundi initially denied the impending change, saying the recruiter had overstated the role description during interviews, and when the appointment of Scott was finally unveiled the former chief executive was not even mentioned in the announcement.
Scott now faces the challenge of bringing back stability to the firm.
He was previously head of sales at Schroder Investment Management in Australia, but his position was made redundant in April.
There is speculation Schroders wanted to move the sales role to Asia, but Scott was uninterested in making the move.
Ironically, Schroders earlier this month appointed former Amundi institutional business director Sophina Hui as head of sales in Hong Kong.
Amundi Australia was also dealt a significant blow when the firm's Global Diversified Fixed Interest Fund was placed on hold by a number of research houses in April following the departure of key staff in the London-based bond team.
The fund was the firm's main attraction in the Australian market and the staff departures in London came at a bad time as the Australian business had just started rolling out its retail strategy.
In the meantime, Amundi has been working hard to replace the London bond team and has transferred four senior fixed income staff from Paris.
Earlier this month, the firm also appointed former International Monetary Fund (IMF) London representative Christopher Morris to the team.
Morris used to lead the London office of the IMF's monetary and capital markets department.
