French asset manager Amundi disclosed it received over €3bn (£2.6bn) of private assets net inflows in the first quarter of this year.
Amundi credited the growth to the win of a multi-management mandate with French reinsurer Caisse Centrale de Réassurance and to investments by insurance company CA Assurances, including the first flows into ICG strategies.
In the first quarter, Amundi received final regulatory approvals to increase its stake in alternatives manager ICG to 9.9 per cent and to appoint a non-executive director to the ICG Board. The stake building is expected to be reached in the third quarter of this year.
The partnership with ICG will, among other things, see the development of a private debt fund targeting wealth investors.
Read more: Amundi reinforces private markets strategy with senior hires
Amundi’s chief executive, Valérie Baudson, said the firm made a very good start to the year, with record net inflows of over €32bn in the first quarter.
“The activity was sustained across all client segments, asset classes and geographies,” Baudson said. “This demonstrates the strength of our business model and our ability to support our clients in an uncertain environment.”
At present, Amundi manages €68bn in assets under its private and alternative segments, a slight dip compared to the same period last year when it recorded €69bn in assets.
The firm posted net income and earnings per share at plus 15 per cent, close to their all-time highs.
