Amundi, Europe’s largest asset manager, this morning reported strong growth from international business during the first quarter (Q1) of the year.
International net inflows were 26% larger than in the same quarter last year.
With total net inflows from overseas business of €11.7 billion in Q1, this was 36% of the total €32 billion net inflows Amundi received.
International assets under management (AUM) now make up 29% of Amundi’s total and the company highlighted joint ventures in Asia and business in Italy, both in the retail segment, as particularly strong drivers.
Retail, including France, drove €15.4 billion of the total net inflows, “with a particularly solid performance in Europe”.
Overall inflows, including France and €17 billion from institutions, were mainly for treasury products and about a third were for “medium and long-term” investments, such as equity, bond and real assets.
Real estate and ETFs were described as “important growth drivers”. Real estate received €1.1 billion of net inflows and ETFs €4.2billion.
Amundi ‘s real, alternative and structured asset flows were negative owing to the end of a €6.9 billion asset-backed securities portfolio management mandate for the European Central Bank, which was taken back in-house. Excluding that, this business segment saw positive net flows, the company said.
Total AUM increased 4.2% to €1,128 billion at the end of March.
Amundi’s acquisition of Pioneer Investments, due to close in mid-2017, means Amundi ranks as the fifth largest asset manager in the world with a capitalisation of €12.1 billion.
Revenues for the company reached €432 million, a more than 9% increase over the first quarter of last year.
Yves Perrier, CEO, said: “Amundi’s solid results in the first quarter of 2017 demonstrate its capacity to generate profitable growth on a recurrent basis. The forthcoming integration of Pioneer Investments, which should be effective around the end of the first half, will extend this trend and reinforce Amundi’s leadership in Europe.”
©2017 funds europe
