October 26, 2018 / 6:32 AM / 19 days ago

UPDATE 1-Asset manager Amundi confirms targets as Q3 profit rises

(Adds details, background)

PARIS, Oct 26 (Reuters) - Amundi, Europe’s biggest asset manager, confirmed its financial targets after third quarter profits were boosted by additional client money going into its main funds.

Amundi, majority-owned by French bank Credit Agricole , said its adjusted third quarter net profits had risen 5.8 percent from a year ago to 230 million euros ($262 million).

Nine-month adjusted net profit rose 11 percent to 721 million euros ($819.92 million) as the fund added net 48.5 billion euros to its funds over the period. Overall nine-month revenue rose 3.2 percent to 1.97 billion euros.

Despite an adverse market environment, Amundi’s chief executive Yves Perrier confirmed he expects annual adjusted net profit to rise 7 percent a year until 2020, which would bring the figure to 1.05 billion.

“We don’t see any reason to change our targets, we’d rather confirm them,” he said.

He downplayed the long-term effects of the recent global market sell-off on Amundi, though he estimated a 10 percent decline of global stock markets over a full year would represent between 80 and 85 million euros in revenue loss for his company.

Amundi bought Pioneer Investments from Italian bank UniCredit for 3.5 billion euros in a deal finalised in 2017.

The company had nearly 1.48 trillion euros in assets under management as of Sept. 30.

$1 = 0.8795 euros $1 = 0.8794 euros Reporting by Mathieu Protard and Inti Landauro; Editing by Sudip Kar-Gupta

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