Amundi Has Highest Quarterly Net Inflows Since 2021

Continued organic growth thanks to confirmed strategic pillars success

2025 is the last year of implementation of the 2025 Ambitions plan, which sets a number of strategic pillars to accelerate the diversification of the Group’s growth drivers and exploit development opportunities. After a year 2024 during which several objectives were achieved a year ahead of schedule, the first quarter confirmed the momentum.

Third-Party Distribution

The Third-Party Distribution recorded assets under management up over +15% year-on-year and net inflows over 12 months of +€33bn, of which +€8bn¹ in the first quarter of 2025, mainly in Medium to Long-Term assets².

Net inflows this quarter were driven by ETFs and active management, diversified by geographical areas and positive in almost all countries in terms of Medium to Long-Term assets, particularly in Asia. It is also diversified by types of client, with a confirmed commercial momentum with digital platforms, which account for 25% of net inflows.

Asia

Assets under management were up +9% year-on-year despite the fall in the US dollar and the Indian rupee, to reach €462bn.

Net inflows for the quarter reached +€8bn, mainly from direct distribution, and is balanced between major client segments in direct distribution and JVs; it is also diversified by countries: Korea thanks to the JV, China with the two JVs and institutional clients, Hong Kong and Singapore thanks to institutional and third-party distributors.

ETFs

ETFs raised +€10bn this quarter, thanks to the success of US equity underlying strategies at the beginning of the quarter, and then in March to the success of the Stoxx Europe 600 ETF, which collected +€1.3bn in one month and exceeded €10bn assets under management; innovative products were launched, with the ETF invested in short-duration eurozone sovereign green bonds, capitalising on the success of its long-duration big brother, which reached €3bn in assets under management.

Amundi Technology continues to grow

Amundi Technology’s revenues increased by +46% compared to the first quarter of 2024, driven in equal parts by the integration of aixigo and strong organic growth.

The business line has signed a partnership with Murex to offer in ALTO the functionalities of this company’s integrated OTC derivatives management and valuation platform, MX.3, which has more than 60,000 users in 65 countries.

The partnership with Victory Capital

On 1 April, the partnership with Victory Capital, was closed and Amundi received 17.6 million shares, or 21.2%³of Victory Capital’s capital. In accordance with the Contribution Agreement and the completion of the remaining adjustments, we expect Amundi’s stake in Victory Capital to reach 26.1%7in the next few months. This investment will be consolidated using the equity method and will start contributing to the Group’s results from the second quarter.

New strategic plan

After the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

Focus on operations in the UK

The winning of a large mandate with a pension fund illustrates the strong development of Amundi’s operations in the United Kingdom. Amundi has management and marketing/sales teams there and is experiencing strong growth in its business:

London is one of Amundi’s 6 global investment hubs, with €49bn under management for the entire Group, in charge of all emerging markets strategies as well as global and GBP fixed income/credit strategies.

The distribution platform for local clients represents €66bn under management, balanced between institutional and third-party distribution; the commercial platform is complemented by Amundi Technology sales teams to serve British clients.

The €21bn index equity mandate for The People’s Pension, one of the leading Master Trusts (multi-company pension funds) in the Defined Contribution pension plan market, was won thanks to the depth and consistency of Amundi’s responsible investment methodology, applied in this case to an index management solution. It amplifies the strong commercial momentum in this Master Trust market segment, as Amundi is now a close partner of the two largest players.

Capital markets still up compared to the first quarter of 2024

In the first quarter of 2025, both equities⁴ and bond⁵ markets continued to rise. Over one year, they have gained +13% and +3% respectively in average. The market effect is therefore positive on the Group’s assets under management and revenues compared to the first quarter of 2024.

The Indian rupee and the US dollar were both down -4% quarter-on-quarter, and -3% year-on-year for the Indian rupee while the US dollar is stable over the same period. The forex effect, which was neutral year-on-year, was therefore negative by around -1% on Amundi’s end-of-period assets under management in the first quarter.

European fund management market in slow recovery

Investor risk aversion persists in the European fund management market.

In the first quarter of 2025, net inflows in open-ended funds⁶ continued their slow recovery compared to the beginning of 2024, at +€221bn in the first quarter, down slightly compared to the fourth quarter of 2024 due to lower net inflows from money market funds. Active management continued its recovery, with +€70bn net inflows, and its rebalancing compared to passive management. As in previous quarters, it was positive thanks to fixed income, and grew only as a result of lower outflows in equities and multi-assets.

Highest quarterly net inflows for medium- to long-term assets in Q1

Assets under management⁷ as at 31 March 2025 increased by +6.2% year-on-year, to reach the new record of €2,247bn. Over 12 months, in addition to market appreciation, they benefited from a high level of net inflows, at +€70bn, higher than the market & forex effect of +€53bn. The increase in assets under management also benefited from the integration of Alpha Associates since the beginning of April 2024 (+€8bn).

It should be noted that in the first quarter of 2025, the forex effect was negative by -€26bn due to the fall of the US dollar and the Indian rupee against the euro, and was very slightly offset by a small positive market effect. The strong net inflows in the quarter were much higher than this negative forex effect.

The first quarter net inflows totalled +€31bn, the highest level for a quarter since 2021, of which +€37bn in Medium to Long-Term assets excluding Joint-Ventures, an all-time record.

This net inflows benefited from the gain in the mandate of The People’s Pension. The rest of the Medium to Long-Term net inflows comes from passive management, in particular ETFs and active management. As in previous quarters, the latter was driven by fixed income strategies, in all client segments.

The Retail segment

The Retail segment, contributed +€6bn, thanks to Third-Party Distributors. Net inflows were slightly positive at Amundi BOC WM, while risk aversion continued to affect net inflows from Partner Networks: slightly positive in France and negative in International business, due in particular to multi-asset strategies.

The Institutional segment

Institutional clients contributed +€22bn, of which +€33bn in Medium to Long-Term assets, benefiting from The People’s Pension mandate and a good level of net inflows, particularly bonds, in all sub-segments except the seasonal effect for Corporates and Employee Savings.

Joint-Ventures

Joint Ventures benefited from dynamic net inflows at NH-Amundi (South Korea), while SBI FM (India) recorded outflows linked to end-of-fiscal-year operations and client caution after the correction in local equities markets since October 2024, even though net inflows remained positive in the retail segment.

ABC-CA net inflows in China confirmed the stabilisation of the local market, and were positive by +€1bn excluding discontinued Channel Business operations, which were in decline, mainly driven by money market funds.

Treasury products

Treasury products posted outflows of -€8.7bn, mainly due to particularly strong seasonal outflows from Corporates in the first quarter of this year and, to a lesser extent, from arbitrages by Crédit Agricole & Société Général insurers in favour of products with longer durations. All other client segments posted slightly positive net inflows in treasury products, reflecting the wait-and-see attitude in the face of volatility in risky assets markets.

Sharp increase in profit before tax⁸ +11% compared to the first quarter of 2024, thanks to top line growth

Profit before tax⁸ reached €458m, up +10.7% compared to the first quarter of 2024.

It includes contributions from Alpha Associates as well as aixigo, acquisitions of wich were finalised in early April and early November 2024 respectively, and were therefore not included in the first quarter 2024. Their cumulative contribution to the profit before tax⁸ in the first quarter reached +€4m.

The growth in profit before tax was mainly due to the increase in revenues.

Adjusted net revenues⁸ amounted to €912m, +10.7% compared to the first quarter of 2024,+9% on a like-for-like basis, driven by all sources of revenues:

• Net management fees increased by +7.7% compared to the first quarter of 2024;
• Performance fees, which are traditionally more moderate in the first quarter due to the lower number of fund anniversaries during this period, nevertheless increased by +30.7% compared to the first quarter of 2024;
• Amundi Technology‘s revenues, at €26m, continued to grow steadily compared to the first quarter of 2024, amplified this quarter by the consolidation of aixigo;
• finally, the Financial and other revenues⁸ amounted to €39m, up sharply compared to the first quarter of 2024 thanks to capital gains on the private equity portfolio in seed money and a positive mark-to-market from equity holdings, despite the impact of the fall in short-term rates in the euro zone.

The increase in adjusted⁸operating expenses, €478m, is +8.8% compared to the first quarter of 2024, +6% at constant scope. It remains lower than that of revenues, thus generating a positive jaws effect of nearly 3 percentage points excluding the scope effect related to the acquisition of Alpha Associates and aixigo, reflecting the Group’s operational efficiency.

In addition to the scope effect, this increase is mainly due to:

• investments in the development initiatives of the 2025 Ambitions plan, including technology, third-party distribution and Asia;
• provisioning for individual variable remuneration, in line with the growth in results.

The cost-income ratio at 52.4% on an adjusted data basis⁸, improved compared to the same quarter last year and is in line with the Ambitions 2025 target (<53%).

The adjusted gross operating income⁸(GOI) amounted to €434m, up +12.9% compared to the first quarter of 2024, +11.8% at constant scope, reflecting revenues growth.

Share of net income of equity-accounted companies⁹, at €28m, down slightly compared  to the first quarter of 2024, reflects the decline in financial revenues of the main contributing entity, the Indian Joint-Venture SBI FM. The decline in the Indian equities markets resulted in negative mark-to-market  in the Joint-Venture’s financial revenues, which nevertheless continues to benefit from strong growth in its activity with management fees up of over +20% compared to the first quarter of 2024.

The adjusted⁸ corporate tax expense for the first quarter of 2025 reached -€155m, a very strong increase –  +60.8% – compared to the first quarter of 2024.

In France, in accordance with the Finance law for 2025, an exceptional tax contribution must be booked in fiscal year 2025. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated¹⁰ to -€72m for the year as a whole, but it will not be accounted for on a straight-line basis over the quarters. It amounted to -€46m in the first quarter of 2025, with the rest spread over the next three quarters. Excluding this exceptional contribution, the adjusted⁸ tax expense would have been ‑€109m and the adjusted⁸ effective tax rate would be equivalent to that of the first quarter of 2024.

Adjusted net income⁸ amounts to €303m. Excluding the exceptional tax contribution, it would have been close to €350m, up +10% compared to the first quarter of 2024.

The adjusted⁸net earnings per share in the first quarter of 2025 was €1.48, including -€0.22 related to the exceptional tax contribution in France. Excluding this exceptional tax contribution, adjusted⁸ earnings per share would therefore have been €1.70, up +9.6% compared to the first quarter of 2024. 

A solid financial structure, €1.2bn in surplus capital

Tangible net assets¹¹ amounted to €4.8bn as at 31 March 2025, up +€0.3bn or +7% compared to the end of 2024, in line with the quarter’s net income.

The CET1 solvency ratio stood at 15.5%¹² as at 31 March 2025.

As indicated at the time of signing in July 2024, the partnership with Victory Capital will have no material effect on the ratio.

The capital surplus at the end of the first quarter amounted to €1.2bn, taking into account the dividend to be paid for 2024, the net income for the first quarter and the related dividend provision.

Future investments and operational efficiency

This quarter, Amundi demonstrated its ability to:

• Be agile and accompany its clients in different market contexts, thanks to its wide range of high-performing investment management expertise and product innovation;
• Develop services to offer technological or investment management solutions to players in the savings entire value chain;
• Offer a full range of Responsible Investment solutions, in order to adapt to all client demands;
• Invest and accelerate on the growth pillars of its strategic plan: Asia, third-party distribution, ETFs, technology, services.

To finance future investments and accelerate the reallocation of our resources towards our growth drivers, we set ourselves a cost optimisation target of €30 to €40m, to be achieved as from 2026.

Source: Amundi