Amundi, Europe’s largest asset supervisor, suffered internet outflows of virtually €13bn throughout the first three months of the 12 months, as traders pulled cash from the agency’s treasury merchandise.
The Paris-based agency stated that traders withdrew a complete of €18.6bn from its treasury funds between January and March, which Amundi stated was prompted by the present rate of interest surroundings.
Nevertheless, cash getting into Amundi’s fairness and multi-asset funds helped to offset among the heavy redemptions, bringing whole internet outflows for the quarter to €12.7bn.
Regardless of the outflows from funds, market and international trade strikes helped elevate property beneath administration by 1.5% throughout the interval to €1.76tn. Amundi’s property beneath administration have elevated 14.9% year-on-year.
It’s the remaining set of quarterly outcomes for Amundi chief govt Yves Perrier, who steps down in Might to make manner for Valérie Baudson. He’ll succeed Xavier Musca as chairman of Amundi’s board.
Earlier this month Amundi introduced it had entered exclusive talks with Societe Generale to acquire Lyxor Asset Management for €825m.
The deal will see Lyxor offload its passive and lively administration capabilities for institutional purchasers, together with its trade traded funds enterprise and the gross sales and assist features related to these actions.
Including Lyxor will increase Amundi’s place within the European ETF market, giving it a 14% share of the booming market.
Perrier stated the deal “might be a brand new driver of development” for Amundi.
Perrier has change into identified for his deal making abilities throughout his decade on the helm of Amundi.
His most notable transaction was the acquisition of Pioneer Investments from UniCredit in 2016 — a landmark €3.5bn transaction which considerably elevated Amundi’s distribution footprint and scale.
Perrier additionally struck a take care of Financial institution of China subsidiary BOC Wealth Administration in 2019 to ascertain a three way partnership. It was the primary tie-up between two corporations the place a international shareholder owns a majority stake in a Chinese language asset supervisor (Amundi has a 55% stake).
Most not too long ago Amundi acquired the investment business of Spain’s Banco de Sabadell. The €430m deal occurred final 12 months.
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