AMUNDI The Group's total assets under management in the fourth quarter rose by 133 billion euros to 2,037 billion euros. This represents an increase of 3.2% on the previous quarter.
Inflows of 13.2 billion euros - excluding the contribution of joint ventures in Asia - were mainly driven by cash products and "passive" management.
Europe's leading asset manager, controlled by Crédit Agricole, also announced the acquisition of Zurich-based private asset multi-management group Alpha Associates, which manages around 8.5 billion euros in assets.
On the Paris Bourse, Amundi shares were down 4.03% at 09:16 GMT, compared with an increase of 0.10% for the SBF120.
"The figures are not very exciting. Net flows in the fourth quarter were directed towards low-margin money market funds, and the product range weighed on management fee margins", write JPMorgan analysts in a note.
The brokerage considers the purchase of Alpha Associates to be a "small plus", as the deal is expected to boost Amundi's earnings per share by 2% over three years.
During a conference call with journalists, Group CEO Valérie Baudson indicated that Amundi would pay a maximum of 350 million euros, with an initial payment of 160 million euros and a second payment of up to 190 million euros depending on Alpha Associates' growth.
Valérie Baudson confirmed the Group's objectives for 2025, including average annual growth in net income of around 5%. The fund manager also indicated that it would propose a dividend of 4.10 euros per share, in line with the 2022 dividend.
Amundi posted fourth-quarter adjusted net income of 313 million euros, in line with market expectations and up 3.4% year-on-year.
The Group's adjusted net revenues for the same period rose by 2% to 806 million euros. (Reported by Mathieu Rosemain, Augustin Turpin and Corentin Chappron, edited by Jean Terzian and Blandine Hénault)
