Amundi SA seeks to double its AUM in Germany to €80 billion over the next three years, Fannie Wurtz, head of global ETF trading at the French asset management company, was cited as saying May 29.

Expanding its German market share is important for Amundi which wants to compete with Deutsche Bank AG asset management unit DWS Group GmbH & Co. KGaA and U.S. group BlackRock Inc., which have €300 billion and €100 billion in AUM in the German market, respectively, according to a Reuters report carried by Handelsblatt and citing Wurtz.

Although organic growth will be a priority for Amundi, the firm will also look at acquisition opportunities, Wurtz said.

Amundi is said to be among the potential suitors for Deutsche's DWS unit alongside Swiss bank UBS Group AG and German insurer Allianz Group. UBS was closest to reaching a deal with Deutsche Bank, according to media reports, but the talks recently stalled because the two banking groups reportedly could not agree on control over the merged asset management entity.

Control could be an issue for Amundi as well given that earlier in May, Reuters reported, citing a source familiar with the matter, that the French firm would only bid for DWS if it can assume control after a merger.

However, Deutsche Bank remains adamant it wants to keep its hold over the asset management unit even in case of a potential merger. CEO Christian Sewing reiterated that statement at the bank's May 23 annual general meeting.