Amundi at 26-mth highs after better-than-expected Q1

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BUZZ-Amundi at 26-mth highs after better-than-expected Q1

** Shares in Amundi AMUN.PA rise 4% after the French asset manager posted better-than-expected Q1 inflows and Q1 PBT beat

** Total AUM at Amundi rose to 2,116 billion euros ($2.27 trillion), up 3.9% q/q

** Jefferies says that Q1 PBT is a 1% beat at EUR 413 million, adds that headline net inflows are a decent beat at EUR 16.6 bln (consensus: EUR 9.0 bln)

** J.P.Morgan echoes these comments and points out that management fee margin of 17.5bps was better than consensus of 17.2bps

** The broker says the company is indicating the Q1 level is a more normal level than Q4 with no benefit from any one-offs or high structured product sales, which should be taken positively in its view

** “We (…) believe this is a good print in the context of industry wide outflows from higher margin active funds, with Amundi’s net flow diversification and cost efficiency shining through” – JPM

** Share on track for a best day in 4-1/2 months, if gains hold

** The stock is touching its highest price in 26 months

($1 = 0.9321 euros)

Reporting by Marianna Ciabach-Malinowska

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