Europe's largest asset manager Amundi reveals net outflows in the second quarter

Lucy White
Amundi's chief executive Yves Perrier said growth trends continued to exceed targets announced at the time of IPO (Source: Getty)

Europe's largest listed asset manager, France-based Amundi, reported net outflows in the second quarter of this year as institutional clients were responsible for a net negative flow of €11.2bn (£10.02bn).

The firm put this down to "significant outflows in treasury products", though it is the first time since at least late 2014 – the earliest quarterly data available on its website – that it has reported net quarterly outflows.

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Despite the one per cent fall in assets under management which this caused between the first and second quarters, retail investors drove strong net inflows of €28.8bn over the whole of the first half.

“Amundi confirmed its profitable growth momentum in the first half of 2017. Its net inflows and results growth trends exceed the targets announced at the time of the IPO [initial public offering]," said chief executive Yves Perrier.

The inflows were primarily driven by international sources, with activity dynamic in Europe (primarily Italy and Germany) and Asia.

Amundi, which recently acquired Pioneer Investments from Italian lender Unicredit for €3.54bn, also announced that net income had been boosted to €308m in the first half, an increase of 10.9 per cent on last year.

However, its share price was down three per cent at the time of writing to €64 per share.

Including Pioneer, the firm now has assets under management of €1.342 trillion. Amundi listed in 2015, raising €1.67bn.

Read more: Unicredit to finalise terms with Amundi over €3.5bn deal to buy Pioneer

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