A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. REUTERS
PARIS, April 29 (Reuters) – Amundi reported its strongest quarter in four years on Wednesday with 32 billion euros ($37.5 billion) of net inflows, sailing past analyst forecasts as investors piled into its exchange traded funds and bond products amid volatile markets fuelled by the Iran war.
Net inflows for the January‑to‑March period compared with analyst expectations of 12.8 billion euros, according to a company‑compiled consensus.
Assets under management rose 7% from a year earlier to nearly 2.40 trillion euros at the end of March, Europe’s biggest fund manager said, above expectations of around 2.37 trillion.
Chief Executive Valerie Baudson, however, struck a cautious tone for the rest of the year, citing economic uncertainty.
“We are facing a conflict that could well drag on, of course, which in that case would carry the risk of a slowdown in growth and the spread of inflationary pressures,” she said.
“The United States may appear to have a more resilient economy, but in fact it is clearly vulnerable to rising energy prices, as well as rising fertiliser prices,” she added, noting that the world’s biggest economy faces risks of shortages in key inputs, especially helium, which is critical to chip production.
Amundi is Europe’s biggest fund manager by assets after years of tapping into soaring demand for passive investing. But it remains far smaller than American rivals including BlackRock and Vanguard, which have expanded into Europe.
Shares in the Credit Agricole majority-owned firm have barely risen in recent years, lagging wider markets, with concerns about whether Amundi will hold on to a distribution agreement with Italian bank UniCredit which is set to expire in July 2027, also weighing on the group.
As part of its growth strategy, Amundi has been looking to grow in private credit and other alternative assets and compete with the likes of Blackstone, Apollo and Ares, but it remains a small player.
Amundi reported adjusted net income of 349 million euros for the quarter, above the 318 million euros analysts had projected.
Adjusted net revenue came in at 902 million euros, up 9.7% from a year earlier.
($1 = 0.8539 euros)
Reporting by Mathieu Rosemain; Editing by Tommy Reggiori Wilkes
