Amundi, Europe’s largest fund manager, reported quarterly inflows that met expectations on Tuesday, with investors continuing to favor funds that track the market. This shift came as more capital moved from the United States to Europe following Donald Trump’s election as U.S. president.
In the first quarter, Amundi recorded net inflows of 31 billion euros ($35.35 billion), surpassing analysts’ forecasts of 27 billion euros. As a result, total assets under management reached a new high of 2.25 trillion euros by the end of March, reflecting a 6% increase from the previous year.
The strong inflows were bolstered by a 21 billion-euro boost from a new mandate with the People’s Pension, one of the UK’s largest pension schemes, to manage a climate-focused equity index portfolio.
Valerie Baudson, Amundi’s CEO, noted that current trends are favoring European equities, which saw significant growth in the first quarter, while U.S. equities experienced declines. She pointed to the movement of investments from U.S.-focused exchange-traded funds (ETFs) to European equivalents.
Despite recent market volatility, spurred by Trump’s announcements on tariffs, Baudson dismissed concerns over the impact on Amundi’s assets. She also reaffirmed the company’s strategy of growth through acquisitions. “We remain a natural consolidator of the market, and that hasn’t changed,” she said.
However, Amundi’s adjusted net income for the first quarter fell by 4.5% to 303 million euros, in line with expectations. This decline was partly due to France’s temporary tax hike on large companies, which is expected to cost Amundi 72 million euros in 2025, including 46 million euros in the first quarter alone.
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