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Amundi says portfolio rose 15% from last year, but Q1 had "less favourable" environment

Amundi says portfolio rose 15% from last year, but Q1 had "less favourable" environment
Amundi says portfolio rose 15% from last year, but Q1 had "less favourable" environment   -   Copyright  Thomson Reuters 2022
By Reuters

PARIS – Asset manager Amundi on Friday posted a quarterly net revenue of 835 million euros ($877.33 million), up 8.4% from last year as overall assets under management rose 15%, but added its business environment darkened over the last three months.

The French firm controlled by Credit Agricole said it booked overall net inflows of 3.2 billion euros, 2.1% less than in the previous quarter.

“This economic environment is less favourable but we remain confident for Amundi despite a slowdown in inflows,” said Chief Executive Valerie Baudson in a call with journalists, pointing to geopolitical tensions, inflation and the COVID-19 situation in Asia.

Amundi also said it suspended five investment funds linked to Russian stocks following the war in Ukraine, but added they only represented 0.01% of the firm’s portfolio.

Russian assets have gone into freefall due to the crippling restrictions, and Moscow has placed temporary curbs on foreigners seeking to exit them.

Asset managers typically only suspend funds in exceptional circumstances, including when assets are hard to value, in order to ensure investors are treated equally.

($1 = 0.9517 euros)