* Buys Swiss multi-manager Alpha Associates

* Dividend of 4.10 euros per share

* Confirms 2025 targets

PARIS, Feb 7 (Reuters) - Amundi, Europe's biggest fund manager, reported on Wednesday that its assets under management rose 7% from a year earlier, as prolonged uncertainty on the markets fueled demand for low-risk investment products.

Instability on the financial markets has stemmed from sharp raises in interest rates, lingering inflation in Europe and unexpected geopolitical events.

The economic slowdown on the continent has pushed retail and institutional investors to safer bets in the form of treasury funds, structured products and exchange traded funds (ETF), Amundi's fourth-quarter results yet again showed.

Total assets under management (AUM) at Amundi rose in the fourth quarter by 133 billion euros ($143 billion) from a year earlier to 2.037 trillion euros. They increased by 3.2% from the previous quarter.

The bulk of the inflows of 13.2 billion euros, excluding contribution from joint ventures, was underpinned by treasury products and so-called "passive management", which aims to replicate the performance of a specific market index or benchmark.

Amundi, which is controlled by French bank Credit Agricole , also announced the acquisition of Zurich-based multi-manager Alpha Associates, which has a team of 70 people and manages 8.5 billion euros ($9.14 billion) of assets spanning private debt, infrastructure, private equity and venture capital.

Amundi will pay a maximum of 350 million euros for Alpha Associates, Chief Executive Valerie Baudson said in a call with reporters, divided between a first payment of 160 million euros and a second one of up to 190 million euros, depending on the targeted company's growth.

Baudson confirmed the group's 2025 targets, including an average annual net income growth of about 5%. The fund manager said it will propose a dividend of 4.10 euros per share for 2023, in line with the dividend paid for 2022.

Amundi's fourth-quarter adjusted net income came in line with market expectations at 313 million euros, up 3.4% from a year earlier.

Group adjusted net revenues over the period grew by 2% to 806 million euros. ($1 = 0.9301 euros) (Reporting by Mathieu Rosemain; Editing by Lisa Shumaker)