Amundi Reports Quarterly Inflows

By Mathieu Rosemain

PARIS (Reuters) – Amundi, Europe’s largest fund manager, announced steady quarterly inflows on Wednesday, driven by ongoing demand for risk-averse products and growth in its Asian operations.

Financial Highlights

• Net inflows: €2.9 billion in Q3, totaling assets under management (AUM) of €2.19 trillion at the end of September, up 11.1% year-on-year.
• Although inflows were lower than in previous quarters due to a lost mandate from a large European insurance client, analysts had anticipated €2.3 billion in net inflows.

Demand Trends

• Demand for secure investments, including medium and long-term assets through ETFs and ETCs, generated €7.8 billion in net inflows but was partially offset by a €7.1 billion outflow in active management related to equity and multi-asset products.
• Chief Executive Valerie Baudson noted, "On passive management, the market momentum is particularly positive for Amundi in both Q3 and the year as a whole."

Asian Operations

• Amundi’s Asian ventures, especially its joint venture in India, and third-party distributors played vital roles in achieving these inflows.

Market Activity

• The quarter highlighted BNP Paribas's planned acquisition of AXA’s asset management division, with Amundi being a potential bidder. The announcement has sparked further speculation about consolidation in the industry, particularly related to Allianz Global Investors.
• While Baudson declined to comment on market speculation regarding Allianz, she indicated that Amundi is open to acquisitions that align with their return-on-investment standards.

Earnings Report

• Amundi, backed by French bank Credit Agricole, reported a 16.1% growth in adjusted net income for Q3, totaling €337 million, slightly above the €333 million expected by analysts. Revenue increased 10.5% to €862 million.

($1 = 0.9261 euro)