PARIS (Reuters) - Amundi (AMUN.PA), Europe’s biggest asset manager, confirmed its financial targets after third quarter profits were boosted by additional client money going into its main funds.
Amundi, majority-owned by French bank Credit Agricole (CAGR.PA), said its adjusted third quarter net profits had risen 5.8 percent from a year ago to 230 million euros.
Nine-month adjusted net profit rose 11 percent to 721 million euros (639.4 million pounds)as the fund added net 48.5 billion euros to its funds over the period. Overall nine-month revenue rose 3.2 percent to 1.97 billion euros.
Despite an adverse market environment, Amundi’s chief executive Yves Perrier confirmed he expects annual adjusted net profit to rise 7 percent a year until 2020, which would bring the figure to 1.05 billion.
“We don’t see any reason to change our targets, we’d rather confirm them,” he said.
He downplayed the long-term effects of the recent global market sell-off on Amundi, though he estimated a 10 percent decline of global stock markets over a full year would represent between 80 and 85 million euros in revenue loss for his company.
Amundi bought Pioneer Investments from Italian bank UniCredit (CRDI.MI) for 3.5 billion euros in a deal finalised in 2017.
The company had nearly 1.48 trillion euros in assets under management as of Sept. 30.
Reporting by Mathieu Protard and Inti Landauro; Editing by Sudip Kar-Gupta