Amundi reported record profits in the second quarter of 2026, with net income rising 29% from the previous quarter. The figure, reported by Repubblica Economia, points to accelerating profitability at the Crédit Agricole-controlled asset manager, although the source did not disclose the absolute amount of profit or provide a comparison with the same period a year earlier.

At the end of June, assets under management reached €2.581 trillion. Assets increased by 14% year on year and by 8% in the second quarter alone. This substantial expansion accompanied the improvement in profits and increased the volume of assets managed by the group.

Fundraising also remained positive. Net inflows amounted to €24 billion in the second quarter and €56 billion over the entire first half. The difference between the two figures indicates that net inflows had already been significant in the first three months of the year, while the quarter ending in June continued to make a positive contribution.

According to the source, the trend was supported by retail clients, insurance companies and affiliated businesses. No breakdown was provided for each channel, but the overall result shows that inflows from the various client segments exceeded withdrawals from certain individual mandates.

Retail performance, however, was uneven. UniCredit’s distribution networks recorded €5 billion in outflows during the second quarter. This contrasted with Amundi’s overall net inflows and highlighted the importance of its distribution relationships with the Italian banking group.

Medium- and long-term investments were another area of concern. Amundi recorded total outflows of €11 billion from two mandates described as low-margin. One was in Italy with UniCredit’s insurance company and accounted for a €7 billion withdrawal. The second mandate was in the Gulf, but the source did not specify its individual value, the client or the country involved.

Based on the available information, withdrawals from the two mandates were offset by robust business elsewhere in Europe and in Asia. The geographic distribution of the results therefore shows growth strong enough to absorb concentrated outflows from major relationships without preventing an increase in net inflows and total assets under management.

The relationship with UniCredit’s insurance company nevertheless remains significant. At the end of June, Amundi managed €14 billion in assets for the counterparty following the quarterly €7 billion withdrawal associated with the mandate. The source provided no indication of how the agreement might evolve or how long the remaining assets will continue to be entrusted to Amundi.

Growth in assets under management does not automatically reflect net inflows, as asset values are affected by both new investment flows and market performance. The reported information does not separate these two effects. It is clear, however, that quarterly net inflows of €24 billion coincided with an 8% increase in assets under management during the period.

Chief Executive Valérie Baudson said Amundi was entering the second half of the year with strong momentum. She also reaffirmed the company’s commitment to implementing its strategy, identifying growth and value creation for clients and shareholders as priorities.

In the coming months, attention will focus on whether inflows remain steady, whether the European and Asian businesses can sustain their pace, and how the relationship with UniCredit develops. The available figures also do not show how much of the increase in assets came from net inflows and how much from investment appreciation, a distinction needed to assess the strength of Amundi’s trajectory in the second half of 2026.

Elisa Varnelli