by Nell Mackenzie
LONDON (Reuters) – Amundi announced on Friday that its assets under management fell in the first quarter due to market volatility.
Geopolitical risks, inflation and rising interest rates fueled investor concern in 2022. Fund managers were, however, beginning to see signs of recovery early in the year before the recent setbacks in the banking sector in the United States and Europe.
As of March 31, assets managed by Amundi amounted to 1.934 billion euros, a decrease of 4.3% over one year.
The main European asset manager, controlled by Credit Agricole, noted that despite the rebound in equity markets in the first quarter, they remained volatile.
The group’s adjusted net income fell by 7.5% over one year in the first quarter, standing at 300 million euros.
Performance fees also fell over the first three months of the year, to 28 million euros, a drop of 60% over one year.
Amundi reported an outflow of 7.3 billion euros over one year in the first quarter.
(Report Nell Mackenzie; Camille Raynaud, edited by Blandine Hénault)
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