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October 31, 2022

Amundi records $13bn outflows in third quarter

French asset manager Amundi has registered total outflows of €12.9bn in the third quarter of 2022 due to adverse market conditions.

This figure includes €3.5bn in medium/long-term (MLT) assets excluding joint ventures (JVs).

The firm’s total assets under management stood at €1.8bn, an increase of 4.7% over one year and a decline of 1.5% compared to the previous quarter.

For the quarter ended 30 September 2022, adjusted net income totalled €282m, down 15.3% compared to €333m in the year ago period.

Last year’s figure did not include income from Lyxor, an asset management firm acquired by Amundi last year.

Amundi’s quarterly net revenue dropped 4.2% to €758m from €791m last year, which excludes revenue from Lyxor.

In addition, Amundi posted €8bn in outflows in the first nine months of this year. This result has been fuelled by €35.6bn of outflows in treasury products.

In active management segment, the group handled €1.011bn of asset under management (AuM) in the first nine months ended 30 September 2022, compared with €1,091bn last year.

In equities and multi-asset arms, Amundi’s AuM reached €167bn and €280bn, respectively, versus €177bn and €294bn a year ago.

AuM in the asset manger’s bonds and structured products units were €563bn and €28bn, respectively, down 9.2% and 19.7% from last year’s €620bn and €35bn.

Amundi CEO Valérie Baudson said: “Over the first nine months of the year, Amundi showed solid performance in a persistently tough market environment, maintaining a high level of profitability and operational efficiency.

“In the third quarter, Amundi’s activity held up well, particularly in medium/long-term assets, in a market characterised by strong outflows.

“Lyxor’s operational integration was successfully completed, allowing to record the initial effects of revenue and cost synergies. These results confirm the robustness of Amundi’s profile.”

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