Amundi hits its post-IPO target

The largest asset manager in Europe, Amundi Asset Management, has delivered the results it promised when the firm was floated last year. It now has assets under management of over €1 trillion.

The firm has released its quarterly results showing that Amundi has enjoyed inflows of €22 billion into its products in the third quarter (Q3), bringing its year-to-date inflows to €39 billion.

Amundi’s profits are up by 14.2% compared to this time last year, coming in at €137 million for the quarter. Year-to-date, the firm’s profits are €415 million, a 5% increase on the previous year.

The initial public offering last year gave Amundi additional firepower for acquisitions. The purchase of a controlling stake in Kleinwort Benson Investors added €8.6 billion to Amundi’s assets under management.

The retail side of the business enjoyed inflows of €14.2 billon year-to-date partly driven by the firm’s joint ventures in Asia.

Institutional clients brought in €25 billion over the first nine months of the year. Amundi said that the insurance clients of both Credit Agricole and Societe Generale were “strong”.

“The first nine months of 2016 illustrate that Amundi is capable of delivering consistent performance, quarter after quarter, despite a market environment still marked by strong risk aversion on the part of our clients,” said Yves Perrier, chief executive officer of Amundi.

©2016 funds europe

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