April 26, 2019 / 5:16 AM / 5 months ago

French asset manager Amundi confirms profit target after strong Q1

PARIS, April 26 (Reuters) - French asset-manager Amundi reiterated its profit target for 2020 after a market rebound buoyed its first quarter earnings.

Amundi’s adjusted net profit for the first quarter rose 10 percent to 247 million euros ($275 million), thanks to a general recovery of markets after a downturn in late 2018.

“The market background was favourable, but we have seen that investors are still risk-averse, most notably in the retail sector,” Amundi CEO Yves Perrier told reporters.

The company’s assets under management rose to 1.48 trillion euros, up 3.6 percent from the previous quarter, thanks to the performance of its funds.

Amundi said it still expects to book a 1.05 billion euro net profit in the full 2020 as it aims to keep costs under control and collect more fees.

Asked whether Amundi was looking at the possibility to buy Deutsche Bank’s listed asset management firm DWS, Perrier said he was always looking at possible acquisitions.

“Our goal is to grow organically, but we are constantly looking at external growth possibilities, so long as they are value-creating and they improve the service to our clients,” he said.

$1 = 0.8981 euros Reporting by Inti Landauro; Editing by Sudip Kar-Gupta

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