Amundi, a European asset manager with over €770 billion in AuM, has opened a new subsidiary in Poland called Amundi Polska TFI.

The new polish unit has been opened as part of the firm’s plans to expand its presence in Europe and to become a major player in the Polish asset management market over the next two years.

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Based in Warsaw, Amundi Polska will be headed by Eric Bramoullé who is CEO and president of the management board.

Additionally, the new subsidiary will include a team of five investment managers led by Ludmila Falak and will initially focus on five locally domiciled funds.

Amundi said the Polish asset management industry with over €45 billion in assets has grown by 150% during the past five years.

As part of the expansion plan, the firm aims to manage €1 billion of assets under management and a market share of over 3 % in retail funds by 2016.

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Eric Bramoullé 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."