Assets under management at Amundi fell 7.3% for the quarter but grew 3.5% over the year ended March 31, to €1.53 trillion ($1.69 trillion), as institutional net outflows hit the money manager.
Net outflows totaled €3.2 billion for the first quarter, a significant difference to the record €76.8 billion in net inflows recorded for the three months ended Dec. 31. For the first quarter 2019, net outflows totaled €6.9 billion, a financial update Thursday showed.
Institutional assets under management fell 7.7% for the quarter to €911 billion and fell 1% over the year.
Amundi's institutional business suffered net outflows of €15.4 billion for the first quarter, compared to €1.7 billion in net inflows for the previous quarter and €1.5 billion in net outflows for the quarter ended March 31, 2019.
Institutional net outflows related to treasury strategies in the corporate client segment and derisking by institutional and sovereign clients on medium- and long-term assets.
Net revenue fell 14.9% for the quarter and dropped 7.1% over the year, to €612 million. Net income also fell, by 26.3% for the quarter and 17.8% over the year, to €193 million.
In a statement accompanying the update Amundi said that it had decided against paying a dividend of €3.10 a share for the calendar year 2019, following recommendations last month by the European Central Bank. Amundi will instead "allocate the full amount of 2019 net income to previous retained earnings," the statement said.
The firm's board of directors will propose guidelines on distribution of a dividend to shareholders in the second half of this year.
Regarding the coronavirus pandemic, Amundi said about 95% of employees worldwide are working remotely.
"Faced with a crisis of unprecedented scope, Amundi has adapted quickly, thanks to its proprietary robust IT platform and the professionalism of all its employees," Yves Perrier, CEO, said in the statement. "I salute their engagement and their spirit of solidarity. All of the company's functions, including portfolio management, risks, middle-office and sales, are 100% operational."