Amundi falls after JPM cuts to 'neutral' over UniCredit fears
** Shares in Amundi AMUN.PA slide around 3.5% to August lowsafter J.P.Morgancut the asset manager to "neutral" from "overweight" citing uncertainty over its distribution agreement with Italy'sUniCredit CRDI.MI
** The broker also removed Amundi, Europe's biggest asset manager, from its focus list
** UniCredit launched a buyout bid for Banco BPM BAMI.MI on Monday and the Banco BPM bid could lead to UniCredit owning fund manager Anima ANIM3.SA
** "Even though Amundi has built a very diverse distribution network throughout the years, and is not reliant on a single bank partner, we think uncertainty around the UniCredit distribution agreement has already weighted on its valuation multiple," - JPM
** Amundi's distribution agreement with UniCredit will account for 20% of its 2027 earnings, JPM estimates
** Amundi's contract runs through 2027, and may not be renewed, the broker says
Reporting by Nathan Vifflin
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