French asset manager Amundi has reported net inflows of EUR13.8bn over the first quarter of 2016, down 42.5% compared to EUR24bn in the first quarter of 2015.
The company said that the net inflows in the first quarter equals to 6% of assets under management (AUM) at the beginning of the period.
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The inflows were led by the company’s institutional client segment (+EUR12bn), while net inflows in the retail client segment slowed (+EUR1.9bn) due to risk aversion.
In the international segment, inflows were concentrated (+EUR9.3bn), and was evenly split between Europe outside France (+EUR4.0bn) and Asia (+EUR5.0bn).
At the end of 31 March 2016, the company’s AUM reached EUR987bn, an increase of 3.5% from the year-ago period.
Amundi’s net income group share was EUR130m for the first quarter, up 0.8% compared to EUR129m in the year-ago quarter.
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By GlobalDataPre-tax income dipped 3.5% to EUR189m from EUR196m a year earlier, while gross operating income slumped to EUR183m from EUR193m in the prior year.
Net revenues for the quarter were EUR395m, a fall of 3.3% from EUR408m in the corresponding quarter of 2015.
Amundi CEO Yves Perrier said: "The solid net inflows and earnings in the first quarter, achieved in a challenging market environment, are a reflection of the strength of Amundi’s business model, based on broad business diversification by expertise, client segment and region."
