French fund giant Amundi Asset Management is to significantly rationalise its fund range.
The restructure will see 55 out of the firm's 155-strong fund range to close or merge away, according to a report in German newspaper Handelsblatt. The news was confirmed to Wealth Manager sister title Citywire Deutschland.
The company said poor performance was one of the factors behind the decision.
The Handelsblatt report said that Christian Pellis, distribution head of Amundi, was critical of the firm’s funds performance.
The firm's recent acquisition of Pioneer Investments was another major reason behind the move, with some funds in the merged entity deemed too small to be economically viable.
The streamlining of the product range should be finalised by the end of the second quarter of 2019.