Amundi has tightened its grip on the asset management market after Europe’s largest listed investment company notched up net inflows of €62bn last year, bucking a trend of large redemptions among its rivals.
The gains stand in stark contrast to the net outflows experienced by the French fund house’s European competitors. Yesterday, Henderson Global Investors reported its first yearly outflows since 2012 after the UK’s third-largest listed fund company suffered £4bn of net withdrawals in 2016.
Aberdeen Asset Management, meanwhile, reported its 15th consecutive quarter of net outflows at the start of the month, bringing total withdrawals from the Scottish investment house to more than £100bn since clients first began pulling money from the company four years ago.
Yves Perrier, Amundi’s chief executive officer, said: “The 2016 results confirm the profitable growth trend Amundi has demonstrated since it was created.”
The French fund house, which agreed to buy Pioneer Investments from Italian bank UniCredit in December, increased its assets under management to €1.08tn, gains that contributed to a 1.2 per cent rise in net income to €1.67bn.
Xavier Musca, Amundi’s chairman of the board of directors, said: “All business activity and profit targets announced during Amundi’s IPO in November 2015 were achieved in 2016. In addition, the acquisition of Pioneer Investments, which should come into effect at the end of the first half of 2017, will bolster Amundi’s leading position in Europe.”
Amundi has proposed a 7.3 per cent increase in the dividend to €2.20 per share, which will be voted on at its annual meeting in May.