French asset manager Amundi said on 28 April its assets under management fell to €1.93trn at the end of Q1, down 4.3% compared to last year, driven in part by outflows in China and volatile markets.
Amundi said net income fell 7.5% in the first quarter from a year earlier, due to a "volatile" equity and bond market performance.
Performance fees also dropped about 60% from the first quarter of 2022 to 28 million euros.
Valérie Baudson, CEO, said: "Amundi delivered a good performance in the first quarter of 2023, in an uncertain market environment.
"Our adjusted net income remained stable at €300 million compared to the fourth quarter of 2022, thanks to our sustained revenue and good cost control.
"The productivity gains and continued synergies generated by the integration of Lyxor have enabled us to absorb the effects of inflation while continuing to invest.
"I would also like to underline the healthy inflows of our Retail activities over the quarter, for our partner networks in France and abroad as well as our third-party distributors."
