Amundi (AMUN.PA), Europe’s largest asset manager, recorded stronger-than-expected inflows in Q3 2025, fueled by growing investor appetite for exchange-traded funds (ETFs) and robust performance from its Asian joint ventures.
The firm reported €15.1 billion ($17.6 billion) in net new money, surpassing analyst forecasts of €14.4 billion. Combined with rising market valuations, assets under management hit a record €2.32 trillion ($2.71 trillion) — up 5.7% year-on-year, despite currency headwinds from the U.S. dollar and Indian rupee.
Amundi’s ETF business surpassed €300 billion in assets for the first time, marking a major milestone as it continues to expand its low-cost, passive investment offerings amid intense competition from U.S. giants BlackRock, State Street, and Vanguard.
Adjusted net income rose 0.8% year-on-year to €340 million, slightly above consensus, while net revenue climbed 4.9% to €815 million, supported by higher management fees and technology revenues offsetting rising expenses.
Looking ahead, Amundi addressed the upcoming 2027 expiration of its distribution agreement with UniCredit, which currently covers €88 billion in assets. CEO Valérie Baudson reaffirmed Amundi’s commitment to continuing the partnership, noting that renewal terms remain under discussion.
The company will unveil its new 2028 strategic plan on November 18, reflecting future scenarios around UniCredit’s contribution and ongoing expansion into fee-based, tech-integrated asset management.