PARIS — Amundi, Europe’s largest asset manager, reported higher-than-expected inflows in the second quarter (Q2), driven by continued appetite for funds that track the market and a rebound in activity of its joint venture in India.
Net inflows over the April to June period were 20.4 billion euros ($23.65 billion), above the 10.5 billion euros expected on average by analysts polled by the company. That brought total assets under management to a new record of 2.27 trillion euros.
The group, which is controlled by French bank Credit Agricole, said institutional investors and third-party distributors poured money into both passive and active strategies, especially those focused on European markets, as clients seek to rebalance the allocations of their assets.
“What we saw a lot of during the first half of the year was, first and foremost, many European clients repatriating and diversifying their allocations,” CEO Valerie Baudson told reporters on a call.
“In particular, they repatriated a lot of money that had been invested outside Europe back to Europe. We also saw a lot of interest from American and Asian clients,” she said.
She added that she expected minimal impact on European economic growth from the framework trade agreement struck between the United States and the European Union.
In addition to positive net inflows, Amundi benefited from a favorable market effect of 57 billion euros, as rising asset prices boosted the value of its portfolios.
This helped offset a negative currency impact of 48 billion euros, driven by declines in the dollar and Indian rupee against the euro.
Amundi’s second-quarter adjusted net income fell 4.5 percent to 334 million euros, as the fund manager’s results continued to be hit by France’s temporary tax hike on big companies.
This will cost Amundi a total of 72 million euros in 2025, the group has said, out of which 54 million euros will be accounted for in the first half.
Be the first to comment