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Money Management

Amundi sees 25% quarterly AUM growth following Pioneer acquisition

Amundi CEO Yves Perrier

Amundi's assets under management grew 25% for the quarter and 33% for the 12 months ended Sept. 30 to €1.4 trillion ($1.65 trillion).

A financial update Friday said the money manager's acquisition of Pioneer Investments in July added €242.9 billion in assets under management.

Net inflows totaled €31.2 billion in the three months ended Sept. 30, compared with net outflows of €3.7 billion for the previous quarter. The quarter ended Sept. 30, 2016, saw €22.3 billion in net inflows across the firm.

Market effects added €5.3 billion to assets under management, compared with a €3.1 billion loss in the second quarter. For the three months ended Sept. 30, 2016, market gains totaled €19.7 billion.

Institutional assets under management grew 13.4% to €897 billion in the quarter, and grew 4.7% vs. figures as of Sept. 30, 2016. Institutional net flows in the third quarter 2017 were €18 billion, vs. €11.2 billion in net outflows for the three months ended June 30 and €19.1 billion in net inflows for the quarter ended Sept. 30, 2016.

Amundi's update said it experienced substantial inflows in treasury strategies.

The update said the acquisition of Pioneer will accelerate the growth strategy for Amundi, and the integration is "going as planned." The firm expects pre-tax value creation due to cost synergies of €150 million, and €30 million in revenue synergies. About 10% of cost savings should be completed this year, about 35% next year, 75% in 2019 and 100% in 2020.