- French fund manager posts its first figures since going public
- CEO Perrier maintains objectives amid `unfavorable' markets
Amundi SA, France’s largest fund manager, said it had 14.1 billion euros ($16 billion) of net inflows in the fourth quarter, its first figures as a public company, while profit slipped on costs from its initial share sale. The shares rose.
Fourth-quarter net income was 124 million euros, down less than 1 percent from a year earlier, the Paris-based company said in a statement Friday. Revenue for the quarter rose 13 percent to 431 million euros.
“At this stage we maintain our objectives,” even if the market environment is
currently “clearly more unfavorable,” Chief Executive Officer Yves Perrier said on a conference call with reporters. The company expects net income to rise by 5 percent on average over the next three years, and about 40 billion euros of net inflows per year, he said.
Amundi rose 4 percent to 35.10 euros at 9:27 a.m. in Paris trading as the Stoxx Europe 600 Index rebounded from its lowest close in more than two years. Amundi has lost 19 percent this year and has a market valuation of about 5.9 billion euros.
Amundi made its trading debut in November as Societe Generale SA sold its stake to raise cash. Credit Agricole SA remains Amundi’s majority investor. The firm said it reached this year’s assets-under-management target a year ahead of schedule, with 80 billion euros of inflows in 2015 pushing total assets to 985 billion euros at the end of December.
The company will pay a dividend of 2.05 euros per share for 2015, up 40 percent from a year earlier, it said.