(Bloomberg) — Amundi SA reported another bumper quarter of inflows, surprising analysts who had predicted a reversal, and said it should be able to keep up the pace for the rest of 2025.
Net inflows were €20 billion ($23.2 billion) in the second quarter, according to a statement Tuesday, while analysts were expecting €2.8 billion of outflows, according to data compiled by Bloomberg. The gains were driven by institutional investors and Asian clients, while demand was also strong for exchange-traded funds, the Paris-based company said.
Valerie Baudson, chief executive officer of the largest European asset manager, said the company continued to see inflows coming from the US, where investors were responding to geopolitical tensions and President Donald Trump’s tariff wars.
“Most of the new flows we’ve seen in recent months have come from European customers who decided to repatriate to Europe money they had previously invested elsewhere,” Baudson said on a conference call with reporters.
The EU and US struck a deal on Sunday that will see tariffs of 15% on most of the bloc’s exports to the US, averting a trade war between two of the world’s biggest economic powers.
“The fact that a deal has been reached removes some of the uncertainty in the markets,” Baudson said, adding that the economic impact of the tariff deal should be “modest” for European economic growth. “All these agreements will have a major inflationary impact in the US, and I’m convinced that given the current geopolitical and economic context, all our clients will continue to want to diversify their portfolios.”
Assets under management rose to €2.27 trillion, a roughly 1% quarter-on-quarter increase. High inflows were countered by a negative currency effect due to the decline in the US dollar and Indian rupee, Amundi said.
Adjusted net income in the second quarter fell to €334 million, down 4.5% from a year earlier and below analysts’ estimates. The firm attributed the decrease to an exceptional tax contribution in its home country, which amounted to €9 million in the second quarter. France earlier this year introduced an exceptional and temporary corporate income tax contribution on the profits of large companies to help reduce the budget deficit.
Amundi’s second-quarter cost-income ratio stood at 52.7%, meeting its target of less than 53% in 2025.
The asset-management firm, controlled by French lender Credit Agricole SA, is expected to present a new three-year strategic plan toward the end of this year.
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