Amundi's Q3 net inflows shrink after loss of Indian mandate
Oct 29 (Reuters) - Amundi AMUN.PA posted third-quarter net inflows of €6.5 billion on Thursday, a sharp fall on previous quarters which Europe's largest fund manager attributed to lower-margin outflows in India.
Without the loss of the €39 billion institutional mandate transfer at Indian joint venture SBI Funds Management, Amundi said net inflows were €45.6 billion ($50.7 billion), helped by demand from retail investors in Europe, including in Germany after reforms to the country's pension system.
Adjusted net profit rose around 20% year-on-year to €409 million euros, as higher assets under management and inflows boosted fee income
Assets under management stood at €2.6 trillion, an increase of 11% year-on-year
Amundi said the €39 billion Indian institutional mandate transfer generated little revenue and had a negligible impact on earnings
Management fees in the third quarter grew by 13.1% to reach €845 million
Retail clients contributed around €21 billion euros of inflows in the quarter
Northern Europe led the charge with inflows of €18 billion, helped partly by reforms to the German retirement system
Reported net profit saw a 270% increase, boosted by an exceptional capital gain related to the listing of SBI Funds Management
($1 = 0.8993 euros)