Finance
Amundi CEO says clients want safety from dollar as results top forecasts
Published by Global Banking & Finance Review®
Posted on February 3, 2026
3 min readLast updated: February 3, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 3, 2026
3 min readLast updated: February 3, 2026
Amundi surpasses Q4 expectations with strong net inflows as clients diversify away from the dollar, focusing on European investments.
By Mathieu Rosemain
PARIS, Feb 3 (Reuters) - Europe's largest asset manager, Amundi, on Tuesday reported higher-than-expected net inflows in the fourth quarter, and the CEO said clients were seeking diversification in Europe and away from the U.S. dollar.
The Paris-based company said investors added 20.9 billion euros ($24.6 billion) more than they withdrew in the three months to end-December, with strong demand for its passive products. The net inflows exceeded analyst expectations of 16.1 billion euros, according to a company-compiled consensus.
Amundi's assets under management rose 6.2% year-on-year to 2.38 trillion euros ($2.80 trillion), slightly above the 2.365 trillion euros analysts had forecast.
Shares in Amundi rose to a record 82.3 euros each, eclipsing the previous high from 2021. They were last up 4% at 80.5 euros per share.
The Credit Agricole majority-owned firm has established itself as one of the biggest players in Europe's Exchange-Traded Funds market, where it competes with U.S. giants including BlackRock and State Street.
But Amundi remains far smaller than the biggest U.S. names and its shares have underperformed in recent years. BlackRock said this month its assets under management had hit $14 trillion.
Amundi is now trying to expand into fast-growing private markets such as private credit and infrastructure, last year announcing an investment in UK alternative asset manager ICG, part of a 2025-2028 plan that targets more than 300 billion euros of cumulative net inflows, with half expected from Asia.
CLIENTS TURN TO GOLD TO DIVERSIFY
In a call with reporters, CEO Valerie Baudson said geopolitical uncertainty has driven investors to diversify their portfolios across styles, sectors and regions.
Baudson noted that the significant decline in the dollar had influenced investment decisions regarding American assets, with clients initially turning to gold for diversification.
"We've begun to see a whole series of investments in Europe that were truly diversification investments or investments designed to reduce sensitivity to the dollar and U.S. assets," she said.
Analysts remain concerned about whether Amundi will hold on to a distribution agreement with Italian bank UniCredit, set to expire in July 2027.
"The situation hasn't changed; (the contract) may or may not be renewed," Baudson said, adding that Amundi managed 86 billion euros worth of assets under the UniCredit distribution contract at end-2025.
Amundi also faced continued outflows from UniCredit distribution networks, totalling 16 billion euros in 2025, including 4 billion euros in the fourth quarter.
The company's fourth-quarter adjusted net sales climbed 8.2% year-on-year to 899 million euros, above expectations. Full-year 2025 profit came in at 1.59 billion euros, up 22% on 2024.
The asset manager proposed a dividend of 4.25 euros per share for 2025 and announced a 500 million euro share buyback.
($1 = 0.8483 euros)
(Reporting by Mathieu Rosemain; Editing by Tommy Reggiori Wilkes and Louise Heavens)
Asset management is the process of managing investments on behalf of clients, including individuals and institutions, to achieve specific financial goals.
Net inflows refer to the amount of money that investors put into a fund or investment vehicle, minus the withdrawals made during a specific period.
Diversification is an investment strategy that involves spreading investments across various financial assets to reduce risk.
Assets under management (AUM) is the total market value of assets that an investment firm manages on behalf of its clients.
Passive investment products are funds that aim to replicate the performance of a specific index or benchmark, rather than actively managing investments.
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