Amundi’s inflows slow down in Q3 2015
French manager Amundi has recorded €19.2bn in net inflows during the third quarter of 2015, that have been cancelled by the market effect (-€21.2bn).
As a result, Amundi’s assets under management have slightly dropped to €952bn at end September 2015 from €954bn at 30 June 2015. However, between January and September, Amundi’s AUM have increased by 9%, “almost exclusively through net inflows”, the firm stressed.
In details, net inflows in the third quarter of 2015 have been equally split between retail and institutional clients (€9.6bn each). Flows have been driven by joint-ventures on the retail side while institutional clients follow strong momentum.
Treasury products were favoured with €11.7bn in net inflows recorded. The remaining €7.5bn inflows have been invested in long-term assets, of which €3.8bn for equities, driven primarily by ETFs and institutional mandates.
Inflows driven from outside France formed 66% of total net quarterly inflows (€12.6bn).
For the first nine months of 2015, Amundi’s net inflows have stood at €65.8bn, of which retail clients account for €34.3bn and institutional clients for €31.5bn.
Inflows were also evenly divided by asset class: €30.7 bn for treasury products and €35bn for long-term assets, of which €4.5bn for equities, €19bn for bonds and €11bn for diversified management.
Net inflows outside France have accounted for 60% of total net inflows (€39.4bn out of €65.8bn) over nine months, coming mainly from Europe and Asia.
In the first nine months of 2015, Amundi group’s net income has amounted to €394m, up 8% year-on-year. The manager explained it reflects 6% growth in net revenues, a 7.6% increase in costs and a strong rise in the contribution of the Asian joint ventures.
Amundi has also confirmed the forecast results for fiscal year 2015 contained in the Document de Base (registration document) filed with the AMF on 6 October 2015 for its IPO.
It has set a target of €515m to €535m excluding charges related to the listing of the company’s shares, a 5% to 9% rise in comparison with the net income attributable to the group for 2014 (€490m).