Amundi's assets under management grew 1.4% in the first quarter and 28.3% for the year to €1.45 trillion ($1.79 trillion), bolstered by net inflows.
The money manager said in a financial update Friday that net inflows totaled €39.8 billion in the three months ended March 31, compared with €13.1 billion for the previous quarter. For the first quarter of 2017, net inflows were €29.2 billion.
Net inflows more than offset a negative €13.5 billion market effect on Amundi's assets.
Institutional assets under management grew 1.8% to €918 billion in the quarter, and were up 4% vs. figures as of March 31, 2017.
Institutional net inflows totaled €18.1 billion for the first quarter, vs. net outflows of €1.1 billion for the quarter ended Dec. 31 and net inflows of €15.8 billion for the three months ended March 31, 2017.
"Amundi's very good performance in the first quarter of 2018, driven by all business lines and investment expertises, confirms that value of its business model, further strengthened by the acquisition of Pioneer (Investments), whose integration is on track with objectives in advance with the announced timeline," CEO Yves Perrier said in a statement accompanying the update. The firm acquired Pioneer last July.
Revenue was €663 million for the quarter, down 11.7% vs. the previous quarter but up 1.7% from the year-earlier quarter. Profit was €240 million, down 10.8% vs. the previous quarter, but up 15.4% from the first quarter of 2017.
