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Amundi Q1 revenues fall YOY due to market volatility; chairman steps down

Paris-based asset manager Amundi posted first-quarter group net income of €130million, compared to €129 million in the same quarter a year ago.

EPS stayed flat at 77 cents.

Net revenues for the period fell to €395 million, comparedto €408 million in the year-ago quarter, attributable to a market slowdown andan increase in market volatility over the quarter.

The firm's first-quarter net inflows reached €13.8 billion,equivalent to 6% of the AUM at the beginning of the period, driven by theinstitutional client segment.

AUM amounted to €987.2 billion at the end of March, up from€954.3 billion at the end of the prior-year quarter. A negative market effectof €11.6 billion over the three months ending March 31 affected growth in AUM.

Additionally, Chairman Jean-Paul Chifflet stepped down fromhis role, effective April 28. Xavier Musca deputy CEO of Credit Agricole SA,succeeds Chifflet.

Michel Mathieu, head of retail banking subsidiaries atCredit Agricole SA, will lead Amundi's international retail banking businessand take on the role of CEO of LCL, the bank formerly known as .