Amundi SA, France’s largest fund manager, said Xavier Musca will replace Jean-Paul Chifflet as chairman as the company reported net inflows of 13.8 billion euros ($15.7 billion) in the first quarter.
Musca is deputy chief executive officer of Credit Agricole SA, Amundi’s largest shareholder. Amundi had net inflows of 24 billion euros in the first three months of 2015, the company said in a statement on Friday.
Net income rose by less than 1 percent to 130 million euros as lower tax charges made up for a 3.3 percent decline in revenue. Amundi’s total assets under management totaled 987 billion euros, little changed from the end of December.
Amundi’s earnings show “very strong resilience,” CEO Yves Perrier said on a call in which he confirmed the company’s targets.
About 12 billion euros of the net inflows came from institutional clients., according to the statement. Asian investments drew the biggest flows at 5 billion euros, compared with 4 billion euros for Europe excluding France.