Amundi’s results for 2023’s first half and second quarter revealed positive inflows in medium and long term assets, treasury products, retail and institutional segments despite a “risk-off environment”.
In the second quarter of 2023, the French asset manager’s adjusted net income grew by €320 million, up 19% compared to Q2 2022 and 6.7% to Q1 2023. Positive inflows were up by €3.7 billion in both medium and long term assets and in treasury products for retail and institutional segments.
Amundi’s assets under management stood at €1,961 billion at June 30, 2023. This was an increase of 1.9% year-on-year and 1.4% over three months. The firm’s responsible investment category saw an extension of the range of funds aligned with net zero goals and of the share of ESG products in the firm’s ETF range, accounting now for 30%.
The results noted that bond markets were down by 6.4% on average in the second quarter of 2023 compared to the same quarter last year. In contrast, the equity markets have recovered since the fourth quarter of 2022, gaining 4.2% on average year-on-year, but uncertainty prevails.
The cautious approach of investors resulted in weak inflows on the asset management market in Europe, highlighted Amundi. Inflows in open-ended funds were only slightly positive at €23 billion in the second quarter, driven by treasury products (€8 billion) and passive management (€39 billion). Medium- and long-term active management saw outflows over the quarter and half-year, as per the results.
Valérie Baudson, CEO of Amundi, attributed the firm’s “very strong” financial performance in the second quarter to top-line growth and cost control in an inflationary environment. “We adapted our offer to meet the needs of investors, who are still predominantly risk-averse. This resulted in robust sales momentum, with positive inflows in both medium- and long-term assets and treasury products.”
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