Amundi, Europe’s largest asset manager, was hit by an “exceptional” €16.3 billion of outflows from a joint venture in China that underlined the risks to asset managers doing business in the country, the Financial Times reported.
The funds recorded €200 million of inflows in the three months to the end of September, the group said in a statement on Thursday. This was far behind the €34.7 billion it raked in during the same quarter last year.
Shares in the Paris-based group dropped 2.7% on Thursday, despite its quarterly profit beating estimates and overall assets under management in line with forecasts.
Read the full report: Financial Times