(Bloomberg) -- Amundi SA posted second-quarter inflows that surpassed analysts’ estimates and helped lift its assets under management to €2.16 trillion ($2.3 trillion), a record high.
Clients of the Paris-based asset manager added €15.5 billion in the three months through June, the firm said in a statement detailing quarterly earnings Friday. That compares with expectations for about €7.8 billion by analysts tracked by Bloomberg. The inflows were driven by Amundi’s medium and long-term products, which attracted €15.1 billion, while its treasury products saw outflows of €11.2 billion as corporations withdrew cash to pay dividends.
Speaking on a call with reporters, Chief Executive Officer Valerie Baudson expressed optimism about the coming months, as markets remain high in absolute value.
“The fall in interest rates, which we expect to continue in the second half of the year, should theoretically provide some impetus for riskier, higher-margin solutions,” Baudson said on the call.
The performance mirrored that of BlackRock Inc., which also posted inflows that helped it hit record assets in the second quarter. In Europe, Deutsche Bank AG’s DWS Group saw outflows in the period, but still raised its full-year outlook for earnings per share.
Amundi shares rose as much as 2.3% in Paris trading Friday, and were up 0.5% at 9:20 a.m., bringing gains this year to 7.6%.
Higher assets helped lift management fees by 6.7%, boosting Amundi’s adjusted net income by 9.4% from a year earlier to €350 million, above analysts’ estimates.
The firm also beat expectations for its adjusted cost-to-income ratio, another closely watched metric by investors. The ratio improved to 51.9% in the second quarter, in line with its goal to keep it below 53% in 2025.
In Asia, Amundi saw inflows of €15.4 billion over the period. With total local assets of €451 billion at the end of June, the firm is inching closer to its objective of reaching €500 billion in assets by 2025.
(Updates with chart, share reaction from sixth paragraph)
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