Amundi CEO Yves Perrier is stepping down after more than a decade heading up the firm he helped turn into Europe's largest asset manager.

Perrier will become chair of Amundi's board as he passes the reins to Valérie Baudson (pictured) on 10 May. Baudson currently heads Amundi's exchange-traded fund business as well as its thematic investing unit.

The French firm was created in 2010 following a merger of the asset management arms of banking giants Crédit Agricole and Société Générale.

The change of leadership was announced as the firm reported its highest-ever profit in the fourth quarter at €288m and net inflows of €14.4bn during the three months.

Assets under management grew by more than 4% during the same period, reaching €1.7trn at the end of 2020.

Perrier said, "It was time to pass on the general management torch."

"I am pleased that Valérie Baudson has been chosen by the board, because I have total confidence in her ability to continue and amplify Amundi's development trajectory. It is the choice of competence, continuity and shared values," he said

Baudson added: "I look forward, together with the management team and all the teams at Amundi, to continuing to develop the company to which I have dedicated my efforts for the past 14 years, in line with our strategy, which has been driving Amundi's success since it was founded."

(First published by our sister title Investment Week)