Amundi has opened a subsidiary in Poland as part of an ambitious plan to have a major foothold in the local asset management industry.

The new division, called Amundi Polska, will focus on prioritising the customers of its shareholders’ banking networks, Crédit Agricole Polska and Eurobank.

The firm aims to reach €1bn in AuM and a market share of more than 3% of retail funds by 2016.

Eric Bramoullé, CEO of Amundi Polska, said: “We will capitalise on Amundi’s strengths that have made its success - the professionalism of our teams, proximity to clients and the quality of our products.

"Therefore, our sales teams will be based regionally in order to be close to the networks. We are developing a simple, straightforward product range consisting of five locally-domiciled funds which focus on clients’ needs."

The team of five experienced multi-specialist investment managers will be led by Ludmila Falak.