French asset manager Amundi has reported a drop in its assets under management (AuM) amidst market turbulence caused by the Covid-19 pandemic.

In its Q1 update, the firm said that its AuM was €1.53trn ($1.65trn) at the end of March 2020, a decrease of around 8% from €1.65trn at the end of the fourth quarter.

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The fall was said to be driven by significant negative market effect at March-end.

However, on a year-on-year basis, AuM increased 3%.

Asia was a growth driver, bringing in €4.8bn in net inflows in Q1 2020.

The region made up for 19% of the total AUM at the firm compared to 14% in the prior year.

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The growth in the region was led by India and China.

Net outflows at Amundi were negative €3.2bn in the quarter, mostly due to the firm’s institutional and corporate client segment that saw €15.4bn in outflows.

Net income dropped to €193m in Q1 2020 from €235m in the previous year.

Amundi CEO Yves Perrier said: “Once again, our first-quarter 2020 results confirm the solidity of Amundi’s business model, founded on the one hand on strong operational diversification, and on the other on a high level of operational efficiency. Assets under management are up +3.5% year-on-year.

“In Q1 2020, Retail and JV inflows total more than €12bn, virtually offsetting the crisis-related outflows from Institutionals and Corporates. Gross Operating Income increased by more than 12% thanks to the positive jaws effect stemming from an increase of net asset management revenue (+5%) and a decrease of costs (-1%). Net income is maintained at a high level (€206m).”