Alts slip at Amundi amid "record high" AUM

Amundi’s alternative assets have taken a hit, falling 15.5 per cent year on year, despite the French manager reaching a new “record high” of €2.3tn (£2tn) in assets under management (AUM).

In its third-quarter 2025 results, Amundi reported that alternative assets declined from €4bn in September 2024 to €3bn in September 2025. Net inflows for alternative assets were –€0.6bn in the first nine months of 2025, compared with –€0.2bn during the same period in 2024.

Overall, real estate, alternative and structured assets’ AUM fell 6.6 per cent year on year, and now total €106bn of Amundi’s overall holdings. Alternative Credit Investor has inquired into why the firm saw its alternatives AUM fall during 2025.

However, in private assets, the firm said its private equity teams have completed the first round of fundraising for the Megatrends III strategy, securing €0.3bn in commitments.

The drop in alternatives AUM contrasts with Amundi’s broader business strength, with the group reporting AUM growth of 5.7 per cent year on year, despite a negative foreign exchange impact of €13bn in the third quarter. Total inflows reached €15bn in the third quarter and €67bn over the first nine months of 2025.

Alongside this, net income for the third quarter stood at €340m, while revenues rose 4.9 per cent over the first nine months of the year.

“In the third quarter, we were able to extend the positive momentum from early 2025. We recorded inflows of €15bn, an increase in revenues of five per cent and an increase in pre-tax income of four per cent,” said Valérie Baudson, Amundi’s chief executive officer. “The main growth drivers of our Ambitions 2025 plan – Asia, third-party distribution and ETFs – each generated between €20bn and €30bn in inflows in the first nine months.”

Amundi added that Asia, third-party distributors and ETFs together accounted for more than 80 per cent of total inflows across all client segments, asset classes and regions during the first nine months of 2025.