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Benoit Sorel takes reigns as global head of ETF at Amundi post-Lyxor acquisition

Published 07/11/2023, 21:10
© Reuters.

Following a strategic shift after the acquisition of Lyxor, Amundi has appointed Benoit Sorel as the new Global Head of ETF, Indexing & Smart Beta. Sorel's appointment coincides with a significant revamp of Amundi's ETF range, which saw the integration of Lyxor's products into its portfolio. As a result, Amundi now oversees $203bn UCITS ETF assets as of the end of Q3.

Sorel, an ESCP-EAP Finance graduate, has a robust career portfolio that includes stints at BlackRock (NYSE:BLK), Crédit Agricole Corporate and Investment Bank, and Bank of America (NYSE:BAC). He succeeds Arnaud Llinas in his new role at Amundi.

At BlackRock, Sorel held the position of Managing Director from 2011 to 2018. During this tenure, he led the EMEA product and distribution strategy for ETFs and index Investing and oversaw sales in France, Belgium, Luxembourg, and Monaco.

Prior to his time at BlackRock, Sorel played key roles in equity derivatives business development at both Crédit Agricole Corporate and Investment Bank (2007-2011) and Bank of America (2006-2007). His early career was marked by his work on Corporate Debt Restructuring and Export finance in Jakarta at Credit Agricole (OTC:CRARY) Indosuez beginning in 1999.

In addition to these roles, Sorel also spent time on Lazard (NYSE:LAZ) Frères' sovereign advisory team, further adding to his extensive experience in the financial sector. This breadth of experience is anticipated to serve him well in his new role at Amundi.

InvestingPro Insights

As we delve into the financials of Amundi, InvestingPro data reveals a market cap of $11248.67M and a P/E ratio of 9.56 as of Q3 2023. Interestingly, the revenue for the last twelve months as of Q3 2023 stood at $6332.38M, indicating a growth of 1.72%.

In the context of InvestingPro Tips, it's noteworthy that Amundi pays a significant dividend to shareholders, a key consideration for income-focused investors. Moreover, despite some analysts anticipating a sales decline in the current year, the company's robust cash flows can sufficiently cover interest payments, providing a degree of financial stability.

In addition, analysts predict the company will be profitable this year, with the company already having demonstrated profitability over the last twelve months. For more in-depth analysis and insights, consider checking out the wide array of additional tips and data available in the InvestingPro product.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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