This quarter marks a new milestone for our Group in the achievement of our 2025 Ambitions development plan, whose strategic priorities have largely contributed to the growth of activity and earnings.
ETFs
Our ETF franchise exceeded €250bn in assets under management at the end of September, up +31% year-on-year, thanks in particular to very dynamic net inflows reaching +€17bn since the beginning of the year, including +€8bn in Q3; we were the second largest asset gatherer in the European ETF market this quarter ; these inflows are well diversified between equity and bond products, with a high share of products classified as responsible investments in net inflows (€3bn, or 34% market share).
Third-Party Distribution
Our Third-Party Distribution business reached €377bn in assets under management at the end of September, up +24% year-on-year, with net inflows over 9 months of +€19bn, of which +€7bn in Q3, to which all regions and asset classes contributed – ETFs, treasury products and active management.
Asia
Our assets under management in Asia increased by +17% year-on-year to €458bn, of which €103bn in direct distribution; strong net inflows of +€30bn over nine months in the region continued to be fuelled by the success of our Indian Joint Venture SBI MF as well as our direct distribution in Japan, Singapore, Hong Kong, and also in China outside the 2 Joint Ventures.
Technology & Services
Our Technology & Services offering is also experiencing strong growth, with technology revenues of €54m over nine months, up +28% compared to the same period in 2023, and even +42% Q3/Q3; our Fund Channel fund distribution platform exceeded €490bn in assets at the end of September 2024 and signed a distribution agreement with ING in Germany; Fund Channel has also integrated the technology of the fintech AirFund into its ecosystem to digitise access to private markets; these advancements contributed to Fund Channel being ranked “Best Distribution Platform” for the third consecutive year by the consulting and research firm Platforum.
Fixed income
Our fixed income expertise platform now manages €1,160bn in assets1 in a very wide range of solutions, from treasury products to target maturity funds, benefiting from client appetite for investment solutions that offer attractive returns and capital protection; these solutions have raised +€45bn1 over nine months, of which +€14bn1 in Q3 thanks to sustained activity in active fixed income strategies and ETFs.
Victory Capital
The partnership project with Victory Capital reached an important milestone with shareholder approval of resolutions2 necessary to finalise the transactions, expected in Q1 2025. As a reminder, this partnership aims at creating a larger US investment platform, via the contribution of Amundi US to Victory Capital in return for Amundi taking a 26%-stake of the combined entity as well as 15-year distribution agreements, to serve the clients of both companies; Amundi would thus have a greater number of US and global management expertise to offer its clients. The transaction, which involves no disbursement of cash, is expected to bring a low single-digit accretion for Amundi shareholders, with an increase in the contribution of our US operations to the adjusted net income and EPS.