French asset management firm Amundi has seen its net adjusted income increase by 16.1% to €337m, according to its Q3 results, compared to the same time frame last year.
Revenue growth of 10.5%, which outpaced expenses, and an improved cost-to-income ratio of 52.9%, contributed to the positive results.
Assets under management for the firm increased by 11% year-on-year to €2,192bn as at the 30 September, marking record AUM. On a quarterly basis, the firm saw inflows of €2.9bn, although this amounted to €14.5bn excluding the exit of a large institutional mandate – an €11.6bn insurer which was invested in Amundi’s multi-asset arm.
The results follow the announcement of the company’s 2025 ‘Strategic Ambitions’ plan, which includes a partnership project with Victory Capital, whereby Amundi US will become absorbed by Victory Capital in return for a 26% stake in the new combined entity as well as 15-year distribution agreements. Approved by shareholders at an Extraordinary General Meeting earlier in the year, the deal – which aims to create a larger US investment platform for the firm – is expected to complete in Q1 next year.
Other key areas of focus under the 2025 plan have included ETFs, with assets under management in the vehicles exceeding €250bn and thereby growing by 31% year-on-year. According to Amundi, this places the firm in second place within the European market for net inflows over Q3.
See also: Amundi adds two equity ETFs to range
Elsewhere, third-party distribution grew by 25% year-on-year to €377bn in AUM, with net inflows of €7bn in Q3 alone. These came from a combination of ETFs, treasury products and actively-managed assets spanning numerous regions and asset classes.
The firm’s Asia assets under management increased by 17% year-on-year to €458bn, while Amundi’s technology & services offering saw revenues increase by 42% compared to the same time period last year.
Valérie Baudson, chief executive officer, said: “Amundi’s results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit of €337m increased by 16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2trn.
“We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, third-party distributers and ETFs.
“By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry.”
