Amundi, one of the few trillion-pound fund managers, took plunging markets on the chin last year thanks to the takeover of Italian fund manager Pioneer.
The French company, which manages €1.4 trillion (£1.2 trillion) and employs 155 people in London, saw revenues slide 5.2% to €2.6 billion for the year ending December due a punishing fourth quarter when stock markets plummeted around the world.
However, lower operating expenses from the Pioneer merger, bought in 2017 for €3.5 billion, meant adjusted income rose 9% to €946 million.
Savings from the merger, originally pegged at €150 million, were €25 million ahead of expectations
Chief executive Yves Perrier said: “Despite an unfavourable market environment, Amundi’s results increased sharply once again in 2018.”
The company revealed the hit from December’s stock market wobble with €6.5 billion of outflows for the three months ending December. Retail customers added around €500 million.
Most of the loss came from two sovereign wealth fund clients who ended their contracts.
