(Bloomberg) -- Amundi posted third-quarter adjusted net income that beat analysts’ estimates as an increase in assets helped lift management fees 9.2%.
Assets under management rose 11% from a year earlier to a record €2.19 trillion ($2.37 trillion), the Paris-based asset manager said in a statement Wednesday.
While that was in line with estimates, third-quarter net inflows totaled €2.9 billion, below the average expectation of €4.14 billion. Inflows were driven by exchange-traded funds, third-party distributors and the company’s business in Asia.
Quarterly adjusted net income increased 16% to €337 million, driven in part by “very strong momentum” at Amundi’s Asian joint ventures, the company said, as adjusted net revenue climbed almost 11% to €862 million. Both figures beat estimates, with analysts expecting adjusted net income of €329 million and adjusted net revenue of €855 million.
Amundi Chief Executive Officer Valerie Baudson said on a conference call with reporters that the company is looking at acquisition opportunities, on condition that they boost its footprint in terms of expertise or geography. They must also bring a return on investment of 10% within three years, she said.
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