August 2, 2018 / 7:19 AM / 2 years ago

UPDATE 1-Asset manager Amundi's shares surge after company posts higher Q2 profits

* Shares rise sharply

* Stock hit record high in February

* Q2 net profit up 14 pct to 234 mln euros (Adds share price detail)

PARIS, Aug 2 (Reuters) - Amundi, Europe’s biggest asset manager, reported higher second quarter profits as it benefited from new client money going into its main funds, lifting its shares.

Amundi, majority-owned by French bank Credit Agricole , said second quarter net profits had risen 14.3 percent from last year to 234 million euros ($272.70 million).

Shares in Amundi, which hit a record high of 77.66 euros in February, were up 9.2 percent at 63.80 euros in early session trading.

“Amundi continues to have the potential for high levels of growth, based on its strengthened levels of expertise and its strong international presence,” said Amundi chief executive Yves Perrier in a statement.

Amundi bought Pioneer Investments from Italian bank UniCredit for 3.5 billion euros in 2017

$1 = 0.8581 euros Reporting by Sudip Kar-Gupta and Matthieu Protard; Editing by Inti Landauro

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