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Net new money for the third quarter reached 15.1 billion euros ($17.6 billion), beating the 14.4 billion euros expected by analysts in a consensus compiled by the group. Sign up here. This, combined with rising market prices, lifted Amundi's assets under management to a record 2.32 trillion euros ($2.71 trillion) at the end of September, up 5.7% from a year earlier, despite steep declines in the U.S. dollar and the Indian rupee that weighed on some asset values. Amundi, which is majority owned by Credit Agricole, said its exchange‑traded funds (ETF) business reached 300 billion euros in assets for the first time. The French fund manager has grown its passive low-fee index-tracking business in recent years, but like other European firms faces fierce competition from the U.S. giants including BlackRock, State Street Global Advisors and Vanguard. Adjusted net income for the July-to-September period rose 0.8% from a year earlier to 340 million euros, beating the 323 million euro consensus, as higher management fees and technology revenues offset increased operating expenses. Net revenue rose 4.9% to 815 million euros for the period, driven by a 3.3% increase in net management fees on higher average assets under management. The asset manager said it remained committed to serving UniCredit's clients and is open to continuing the partnership beyond 2027, though renewal terms have not yet been determined. The UniCredit agreement covers 88 billion euros in assets, including 69 billion euros in Italy, Chief Executive Valerie Baudson said on a call. The company's new 2028 strategic plan, to be presented on Nov. 18, will reflect uncertainty around UniCredit's contribution from 2027, the group said. ($1 = 0.8575 euros) Reporting by Mathieu Rosemain; Editing by Tommy Reggiori Wilkes Our Standards: The Thomson Reuters Trust Principles., opens new tab Mathieu is part of Reuters' finance team, covering French banks and major M&A stories in the country and in Europe. A graduate of Sciences Po university, Mathieu previously covered the Tech beat at Reuters, following stints at Bloomberg News and French business daily Les Echos.
