Industry Updates

Amundi has ‘no worries’ about losing ETF market share after weaker Q2 flows

The French asset manager lagged BlackRock, Vanguard and DWS in the flow charts

Theo Andrew

Amundi AM logo and website

Amundi said it has “no worries at all” about losing ETF market share to competitors after BlackRock, Vanguard and DWS posted stronger inflows over the second quarter of 2023.

The French giant, and Europe’s second-largest ETF issuer with a market share of 12.6%, recorded inflows of $2.8bn in Q2, well behind BlackRock’s $16.2bn.

However, its two closest rivals, DWS and Vanguard posted inflows of $4.3bn and $4.7bn, respectively, according to data from ETFbook.

Responding to numerous analyst questions on its Q2 passive flows, Valerie Baudson, CEO of Amundi, said she has “no worries” about losing market share to competitors, noting a few new market entrants remained “very far away”.

“The ETF business is a question of size of the range, size of the funds and also habits of the buyers. When you are used to having this specific ETF in this specific asset class, you are always buying the same.

“We have a very strong advantage with our very large range now and very big size now, so honestly, no worries at all for Amundi on the ETF business. On the contrary.”

She added the group had missed “one or two very big tickets over the past few quarters”, mainly from investors in the Middle East, but that it is now “filled that gap”.

“There are actually a few very large clients who are surprisingly sometimes investing very widely through ETFs,” Bausdon said. “We filled that gap recently so I am very confident that this difference is now over.”

It comes off the back of a strong Q1 for the asset manager, which recorded inflows of $6.5bn, ahead of Vanguard and DWS. The group’s ETF business saw net inflows of $6.6bn in 2022.

Amundi has continued to integrate its Lyxor ETF business with its own following its acquisition of Lyxor from Société Générale last January.

In June, Amundi merged seven Luxembourg-based Lyxor global sector ETFs with its own Ireland-based ESG equivalents.

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