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Amundi's Q3 net inflows shrink after loss of Indian mandate

By Reuters News

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)

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