Amundi posts €13.7bn inflows in Q3 driven by passives

investmentweek.co.uk:

Valérie Baudson, CEO of Amundi

The French asset manager said in its Q3 2023 results today (27 October) that the high inflows were largely generated by its passive management wing, with €7.8bn from medium/long-term assets.

ETFs brought in €3.6bn while treasury products attracted €3.5bn, proving especially popular among the retail segment (€2.7bn), which it attributed to investors' increased aversion to risk and the attractiveness of yields «at the short end of the yield curve».

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Assets under management as of the end of September 2023 stood at €1.9trn, up 4.1% from September 2022 and 0.6% from June 2023.

Amundi noted the market effect was «virtually neutral» over the third quarter — posting a negative movement of €1.7bn — but was positive year-on-year adding €56.8bn.

Adjusted net income for Q3 reached €290m, a 3% increase from the same period last year, due to a further increase in revenues — driven by the «resilience of management fees despite the risk-off environment», it said — and operational efficiency.

Adjusted net revenues for the quarter stood at €780m, up 2.9% from Q3 2022, although net management fees were slightly down (-1.4%) at €737m compared to the same time last year, and performance fees brought in €10m, down from €13m in Q3 2022 and from €51m in Q2 2023.

Amundi boosted by €3.7bn inflows in Q2

Valérie Baudson, CEO of Amundi, said: «Amundi posted a good performance in terms of both business activity and financial results in the third quarter of 2023.

»Our solutions, adapted to the high-interest-rate and high-inflation environment, continued to attract many clients against a backdrop of uncertainty, still characterised by significant risk