Net profits for French asset manager Amundi rose 19.9% to €681 million in the year to December 2017, according to accounts published today.
The strong figures – which include a 35.8% rise in pre-tax income to €1.15 billion and net inflows of €70.6 billion – were boosted by Amundi’s acquisition of Pioneer Investments, the asset management arm of Italian bank UniCredit, in July.
Inflows of €131 billion in 2016 and 2017 surpassed Amundi’s target of €120 billion over three years announced at its initial public offering in November 2015.
Amundi’s combined assets under management reached €1.426 trillion at the end of December 2017 benefitting from the contribution of Pioneer’s assets, strong inflows and a favourable market effect, particularly in equities.
Yves Perrier, chief executive of Amundi, said: “As in 2016, in 2017 Amundi has exceeded the business and financial targets that were set when it was listed in late 2015.
“These good results confirm the strength of Amundi’s business model, which has been further boosted by the integration of Pioneer in three key areas: distribution, capacity, expertise and talent.”
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