AMWatch

Amundi hit by EUR 16.3bn cash outflow from China joint venture

Europe's biggest asset manager's net inflows were unexpectedly dragged down by EUR 16.3bn (USD 19bn) of cash being pulled from a Chinese joint venture in the third quarter. 

Photo: Philippe Wojazer/Reuters/Ritzau Scanpix

Europe's largest asset manager raked in just EUR 200m in the three months prior to Sept. 30, compared with the EUR 10.5bn consensus predicted by analysts surveyed by Bloomberg. Still, quarterly profit beat estimates and assets under management met forecasts, according to a statement T'shursday.

The outflows from the firm’s joint venture with Agricultural Bank of China were largely driven by the bank withdrawing EUR 11.6bn to reinvest in the nation's economy, part of a broader move being seen among Chinese lenders, Nicolas Calcoen, Amundi's head of finance and strategy, said in an interview.

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