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Asia and Italy feed Amundi’s international rise

Profits upAmundi, Europe’s largest asset manager, this morning reported strong growth from international business during the first quarter (Q1) of the year.

International net inflows were 26% larger than in the same quarter last year.

With total net inflows from overseas business of €11.7 billion in Q1, this was 36% of the total €32 billion net inflows Amundi received.

International assets under management (AUM) now make up 29% of Amundi’s total and the company highlighted joint ventures in Asia and business in Italy, both in the retail segment, as particularly strong drivers.

Retail, including France, drove €15.4 billion of the total net inflows, “with a particularly solid performance in Europe”.

Overall inflows, including France and €17 billion from institutions, were mainly for treasury products and about a third were for “medium and long-term” investments, such as equity, bond and real assets.

Real estate and ETFs were described as “important growth drivers”. Real estate received €1.1 billion of net inflows and ETFs €4.2billion.

Amundi ‘s real, alternative and structured asset flows were negative owing to the end of a €6.9 billion asset-backed securities portfolio management mandate for the European Central Bank, which was taken back in-house. Excluding that, this business segment saw positive net flows, the company said.

Total AUM increased 4.2% to €1,128 billion at the end of March.

Amundi’s acquisition of Pioneer Investments, due to close in mid-2017, means Amundi ranks as the fifth largest asset manager in the world with a capitalisation of €12.1 billion.

Revenues for the company reached €432 million, a more than 9% increase over the first quarter of last year.

Yves Perrier, CEO, said: “Amundi’s solid results in the first quarter of 2017 demonstrate its capacity to generate profitable growth on a recurrent basis. The forthcoming integration of Pioneer Investments, which should be effective around the end of the first half, will extend this trend and reinforce Amundi’s leadership in Europe.”

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