The chief executive of Europe’s largest asset manager has launched a stringent defence of investment in its Italian business, despite increased worry about populist economic policy in Rome. Amundi’s shares plummeted 14% in mid-to-late May as the Northern League and Five Star Movement formed a coalition. The stock then underperformed peers such as Ashmore and Schroders but rebounded after promising second quarter results on Thursday.
Amundi’s Yves Perrier admits wider Italian worries – which have pushed up spreads on Italian government debt in early August – will continue until parliament votes on the budget in October.
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