by Mathieu Rosemain
(Reuters) – Amundi reported on Tuesday a larger-than-expected increase in net inflows in the third quarter, driven by growth in its funds that track financial markets and demand from its joint ventures in Asia.
The leading European asset manager recorded a net inflow of 15.1 billion euros over the period from July to September, above the expectations of analysts who expected 14.4 billion in a consensus compiled by Amundi.
This result, combined with the rise in market prices, brought the assets under management of the group controlled by Crédit Agricole to 2,317 billion euros as of September 30, up 5.7% year-on-year, despite the unfavorable impact of the fall in the US dollar and the Indian rupee against the euro.
Amundi, which has established itself as a major player in the passive management space, said its ETF funds had exceeded €300 million for the first time.
Quarterly adjusted net profit came in at 340 million euros, exceeding the 323 million euros expected in consensus, as higher management fees and technology revenues offset higher operating costs.
Adjusted net revenues rose 4.9% year-on-year to 815 million euros, driven by a 3.3% gain in net management fees with the increase in average assets.
Adjusted operating expenses, which include a capital increase reserved for employees of 17 million euros, amounted to 436 million euros, slightly above the consensus (430 million euros).
Amundi also reported that its distribution contract with UniCredit will expire in July 2027, with the group declaring that it remains fully committed to continuing to serve the Italian bank’s clients and is willing to remain a partner beyond the expiry date.
“This partnership may be – or not – renewed, according to terms which are not known at this stage,” according to a press release.
The distribution contract with UniCredit represents 88 billion euros in assets, including 69 billion in Italy, Amundi CEO Valérie Baudson said at a press conference.
“Our new 2028 strategic plan will include a financial trajectory taking into account the uncertainty over UniCredit’s contribution from 2027,” the press release specifies.
(Mathieu Rosemain, Augustin Turpin edited by Kate Entringer)
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