French asset management giant Amundi saw its net inflows surge to 55.4 billion euro in 2024, doubling from the previous year, according to its full-year results published on Tuesday.
The firm’s assets under management hit a record 2,240 billion euro, marking a ten percent increase over the year and keeping it on the number one position among European asset managers.
Net inflows were strongest in the fourth quarter, with Amundi pulling in 20.5 billion euro, including 18 billion euro into medium to long-term assets. The firm’s exchange-traded funds (ETFs) were the standout performer, attracting a record 11 billion euro in inflows during the last three months of the year.
Amundi’s chief executive officer, Valérie Baudson, speaking to journalists following the release of its 2024 results, said the firm still sees itself as a lead actor in the consolidation among European asset managers. «We are still a potential market consolidator,» she said, according to a Reuters report.
Amundi in December backed off from discussions to acquire Allianz Global Investors. That combination would have created a European asset manager with some 2,800 billion euro in assets. Elsewhere in the industry, Paris-based BPCE and Milan-headquartered Generali last month said they are joining forces in a 1,900 billion euro asset management venture.
ETFs and fixed income drive growth
Across the year, Amundi’s ETFs amassed 27.8 billion euro in net inflows, pushing its total ETF AUM to 268 billion euro, a 30 percent year-on-year increase. Demand was driven by US and global equity ETFs, including the Amundi MSCI US Mega Cap and Amundi Prime All Country World UCIT ETF, which garnered two billion euro in assets in just nine months.
Actively managed funds also saw significant demand, drawing in 5.5 billion euro in the fourth quarter, particularly in fixed income strategies. Amundi’s actively managed bond funds alone attracted 9.1 billion euro in gross flows in the last three months of the year.
Spike in retail inflows
Amundi’s retail business recorded its highest level of net inflows since 2021, totalling 11.5 billion euro in 2024. Within this segment, third-party distributors led the charge with 12.7 billion euro in net inflows. The institutional business brought in 7.1 billion euro, with sovereign wealth funds and corporate clients driving demand.
Amundi’s Asian business experienced rapid growth, with AUM rising 17 percent year-on-year to 469 billion euro, supported by 28 billion euro in inflows. The firm’s Indian joint venture, SBI Mutual Fund, was a key contributor, adding 20.6 billion euro in new assets.
The firm’s passive management segment also saw strong inflows, reaching 418 billion euro in AUM, close to its Ambitions 2025 target a year ahead of schedule. The growth in ETFs and index funds signals increasing investor preference for low-cost, diversified products.
Beyond asset inflows, Amundi reported adjusted net income of 1.38 billion euro, a 13 percent increase compared to 2023, with an improved cost-to-income ratio of 52.5 percent. The results were in line with market expectations.
Looking ahead, Amundi expects to build on its momentum in ETFs, fixed income, and Asian markets, with plans to further develop its technological capabilities following its acquisitions of aixigo, a European wealth tech specialist, and Alpha Associates.
Confidence
Baudson said the new year has started with confidence. «The very beginning of 2025 confirms a very good sales dynamic, and we’re confident about 2025 given all the partnerships and discussions we have with our customers,» Baudson said during the earnings call.
With a proposed dividend increase to 4.25 euro per share, the firm is positioning itself to deliver strong shareholder returns, while capitalising on investor demand for passive strategies and emerging market exposure. Amundi is 70 percent owned by Paris-based bank Credit Agricole. The remainder of its shares are traded on Euronext Paris, where its shares rose 1 percent to 67.5 euro after reaching a three-month high in late January.