Amundi Hit by €16bn China JV Outflows: FT

Amundi, Europe’s largest asset manager, was hit by an “exceptional” €16.3 billion of outflows from a joint venture in China that underlined the risks to asset managers doing business in the country, the Financial Times reported.

The funds recorded €200 million of inflows in the three months to the end of September, the group said in a statement on Thursday. This was far behind the €34.7 billion it raked in during the same quarter last year.

Shares in the Paris-based group dropped 2.7% on Thursday, despite its quarterly profit beating estimates and overall assets under management in line with forecasts.

Read the full report: Financial Times

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Tags: Asset Management

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.