BY COMFORT OGBONNA
Europe’s largest asset manager, Amundi, reported stronger-than-expected net inflows in the fourth quarter, reflecting a growing appetite among investors for diversification toward Europe and away from heavy exposure to the U.S. dollar. The Paris-based firm said client interest was particularly strong in its passive investment products, helping to lift overall results beyond market forecasts.
During the three months to the end of December, investors added a net 20.9 billion euros to Amundi’s funds, significantly higher than analysts’ expectations of 16.1 billion euros. This performance underscored steady confidence in the company’s broad product range despite ongoing global economic and geopolitical uncertainty.
Amundi’s assets under management rose 6.2% year on year to 2.38 trillion euros, slightly exceeding analyst estimates. The increase was supported by market performance as well as fresh inflows, further strengthening the firm’s position as a leading force in the European asset management industry.
The positive results were well received by the market. Amundi shares climbed to a record high of 82.30 euros, surpassing their previous peak from 2021, before easing slightly. The stock was last trading up 4.6% at 80.90 euros per share, highlighting renewed investor confidence in the company’s strategy and earnings outlook.
Majority owned by Credit Agricole, Amundi has established itself as one of the dominant players in Europe’s exchange-traded funds market, competing with global heavyweights such as BlackRock and State Street. Despite this strong regional presence, Amundi remains much smaller than the largest U.S. asset managers, and its shares have lagged behind some American peers in recent years. By comparison, BlackRock announced earlier this month that its assets under management had reached $14 trillion.
Looking ahead, Amundi is pushing to expand into fast-growing private markets, including private credit and infrastructure. As part of its 2025–2028 strategic plan, the company last year announced an investment in UK-based alternative asset manager ICG. The plan targets more than 300 billion euros in cumulative net inflows over the period, with around half expected to come from Asia, reflecting Amundi’s ambition to strengthen its global footprint.
Chief Executive Officer Valerie Baudson said geopolitical uncertainty has played a major role in shaping investor behavior, prompting clients to spread their investments more widely across regions, sectors, and asset classes. She added that the notable decline in the U.S. dollar has also influenced decisions around American assets, with many investors initially turning to gold as a hedge.
According to Baudson, this trend has now evolved into broader diversification into European assets. She explained that clients are increasingly making investments designed specifically to reduce sensitivity to the dollar and limit exposure to U.S.-centric risks.
Despite the strong performance, some analysts remain cautious about the future of Amundi’s distribution agreement with Italian bank UniCredit, which is due to expire in July 2027. Baudson said the situation remains unchanged and that the contract may or may not be renewed. At the end of 2025, Amundi managed 86 billion euros in assets under this agreement.
Financially, the company also delivered solid earnings growth. Fourth-quarter adjusted net sales rose 8.2% year on year to 899 million euros, beating expectations. Full-year profit for 2025 reached 1.59 billion euros, marking a 22% increase compared with 2024.
In a further sign of confidence, Amundi proposed a dividend of 4.25 euros per share for 2025 and announced plans for a 500 million euro share buyback, reinforcing its commitment to returning value to shareholders while continuing to invest in future growth.
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