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Amundi AUM slips despite positive inflows

amundi, positive, inflowsAmundi, the Paris-based asset manager, said inflows to the firm finished 2022 in "decidedly positive territory, in contrast to the European asset management market".

The firm attracted €7 billion in net inflows in the 12 months to December 31, 2022, particularly in higher margin products.

Amundi, which released its annual results on Wednesday, recorded net income of €1.2 billion, a decline of 13% on a like-for-like basis from the year before. Amundi attributes this fall to performance fees “normalising” from a higher than average €427 million in 2021, to €171 million in 2022.

Inflows were largely driven by retail investor who invested a net €9.9 billion. The firm's institutional business saw net outflows of €17 billion, driven mainly by traditional life insurers drawing money out of euro funds, and by corproate outflows from treasury products.

However, Amundi said it had won several large mandates from institutions for index and multi-asset management. 

Total asset under management dropped by 7.7% to €1,904 billion last year, despite the positive inflows. There were €167 billion in losses which the firm said was due to market conditions and foreign exchange.

Last year saw the completion of Amundi’s acquisition and integration of Lyxor, which CEO Valérie Baudson said contributed “revenue synergies” to the whole business. Amundi has so far spent €77 million on pre-tax integration costs. 

“In 2022, Amundi continued its development, focusing on the growth drivers of its 2025 Ambitions Plan, namely in real assets, passive management, technology, services, and Asia,” said Baudson.

“The integration of Lyxor was successfully completed in less than nine months. It makes Amundi a European leader in ETFs with a fully operational platform, and it is already delivering cost and revenue synergies.”

Amundi ended 2022 on a high, with net inflows of €15 billion recorded in the fourth quarter alone - 65.6% higher than inflows recorded in the corresponding quarter in 2021. 

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