The French asset manager said in its Q3 2023 results today (27 October) that the high inflows were largely generated by its passive management wing, with €7.8bn from medium/long-term assets.
ETFs brought in €3.6bn while treasury products attracted €3.5bn, proving especially popular among the retail segment (€2.7bn), which it attributed to investors' increased aversion to risk and the attractiveness of yields "at the short end of the yield curve".
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Assets under management as of the end of September 2023 stood at €1.9trn, up 4.1% from September 2022 and 0.6% from June 2023.
Amundi noted the market effect was "virtually neutral" over the third quarter - posting a negative movement of €1.7bn - but was positive year-on-year adding €56.8bn.
Adjusted net income for Q3 reached €290m, a 3% increase from the same period last year, due to a further increase in revenues - driven by the "resilience of management fees despite the risk-off environment", it said - and operational efficiency.
Adjusted net revenues for the quarter stood at €780m, up 2.9% from Q3 2022, although net management fees were slightly down (-1.4%) at €737m compared to the same time last year, and performance fees brought in €10m, down from €13m in Q3 2022 and from €51m in Q2 2023.
Amundi boosted by €3.7bn inflows in Q2
Valérie Baudson, CEO of Amundi, said: "Amundi posted a good performance in terms of both business activity and financial results in the third quarter of 2023.
"Our solutions, adapted to the high-interest-rate and high-inflation environment, continued to attract many clients against a backdrop of uncertainty, still characterised by significant risk aversion. Amundi generated high inflows of €14bn, driven by our two strategic development priorities, passive management and Asia."
She said: "Net income was high, reflecting Amundi's good operational efficiency and diversified profile. Quarter after quarter, these results confirm the group's effective positioning on long-term growth trends and the relevance of our strategic plan."