# French asset manager Amundi posts Q3 outflows of $13 billion
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-10-28
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Amundi Reports Net Outflows of €12.9 Billion in Q3
Meta Description: Amundi faces significant outflows due to market weakness following the war in Ukraine. Asset manager remains cautious on future economic risks.
URL: https://financedigest.com/french-asset-manager-amundi-posts-q3-outflows-of-13-billionhtml

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By Carolyn Cohn

LONDON (Reuters) -Amundi posted net outflows of 12.9 billion euros ($12.86 billion) in the third quarter, the French asset manager said on Friday, hurt by weak markets and concern about the economic outlook following the war in Ukraine.

The figure was much worse than consensus forecasts of 1 billion euros in outflows, according to KBW analysts.

The money manager reported [assets](https://www.financedigest.com/french-watchdog-fines-h2o-asset-management-executives-over-tennor-investments.html "French watchdog fines H2O Asset Management, executives over Tennor investments") under management at end-Sept of 1.9 trillion euros, down 2% in the last three months.

Asset managers benefited from government and central bank stimulus and demand from pent-up savings during the earlier stages of the [COVID-19 pandemic](https://www.financedigest.com/pandemic-restrictions-that-hampered-the-circulation-of-viruses-other-than-covid-19.html "Pandemic restrictions that hampered the circulation of viruses other than COVID-19").

But the war in Ukraine has [hit markets](https://www.financedigest.com/tech-earnings-hit-pause-button-on-market-rally.html "Tech earnings hit pause button on market rally") and pushed up the cost of living, crimping asset volumes.

We think our clients’ risk aversion will persist into the next quarter, as long as macro-economic uncertainties last,” [CEO Valerie Baudson told a media call](https://www.financedigest.com/stellantis-ceo-calls-for-talks-to-soften-eus-2035-fossil-fuel-car-ban.html "Stellantis CEO calls for talks to soften EU’s 2035 fossil-fuel car ban").

Amundi’s shares fell 1.5% early on Friday. KBW analysts called the results a “mixed bag”, though they reiterated their “outperform” [rating on the stock](https://www.financedigest.com/uk-stocks-slip-as-rate-hike-worries-grip-investors.html "UK stocks slip as rate hike worries grip investors").

German asset manager DWS this week recorded steady assets under management of 833 [billion euros](https://www.financedigest.com/eu-seeks-clarification-on-italy-post-covid-plan-freezes-19-billion-euros.html "EU seeks clarification on Italy post-COVID plan, freezes 19 billion euros") in the third quarter, unchanged from the previous quarter.

Amundi’s quarterly adjusted net income rose 4.7% on the quarter to 282 [million euros](https://www.financedigest.com/hellofresh-sees-2023-core-profit-of-460-540-million-euros.html "HelloFresh sees 2023 core profit of 460-540 million euros"), however, helped by cost-cutting and strong management fees, it said in a trading statement.

Major fund [managers’ use of so-called liability-driven investments](https://www.financedigest.com/anyone-can-write-assignment-need-people-able-apply-new-skills-workplace-says-top-investment-management-company.html "“Anyone can write an assignment, but we need people to be able to apply their new skills to the workplace,” says top investment management company") (LDI), involving high amounts of borrowing, caused a liquidity crisis for British pension funds last month, forcing the Bank of England to intervene to stabilise UK government bond markets.

Amundi does not offer such products, Baudson said.

We have nothing similar to LDI [anywhere in the world](https://www.financedigest.com/be-the-digital-eyes-and-ears-of-your-business-from-anywhere-in-the-world.html "Be the digital eyes and ears of your business – from anywhere in the world!"), it’s not an issue for us.

(Reporting by Carolyn Cohn in [London and Matthieu Prothard in Paris; Editing by Muralikumar Anantharaman)](https://www.financedigest.com/london-fears-losing-luxury-shoppers-to-paris-and-milan.html "London fears losing luxury shoppers to Paris and Milan")


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