PARIS (Reuters) -Amundi, Europe’s biggest fund manager, posted better-than-expected quarterly inflows on Friday, driven by its Asian joint ventures amid sustained demand for risk-averse products.
Amundi’s total assets under management (AUM) rose by 15.5 billion euros ($16.8 billion) in the second quarter to 2.16 trillion euros at end of June, a record high and up 9.9% from a year earlier.
Analysts had expected net inflows of 8.8 billion euros on average, a consensus compiled by Amundi showed.
Amundi shares were up 1.44% at 0859 GMT.
The contributions in net inflows from Amundi’s Asian joint ventures, including those in India and China, came amid “fierce competition” from other investment products, CEO Valerie Baudson said on a call, citing Italy’s sovereign bonds, “banking products” and euro funds.
Assets under management in Asia totaled 451 billion euros at end of June, or four times the AUM in the region in 2015.
Continued macroeconomic and geopolitical uncertainties also fueled demand from retail and institutional clients for safe investments such as medium and long-term assets through exchange-traded funds (ETFs).
Amundi, which is controlled by French bank Credit Agricole, posted 9.4% growth in second-quarter adjusted net income to 350 million euros, above the 335 million expected by analysts.
Revenue rose 7.7% to 887 million euros.
($1 = 0.9208 euros)
(Reporting by Mathieu Rosemain; editing by David Evans)
