Amundi announced plans to reduce its exposure to US dollar assets over the coming year as Europe’s largest asset manager pivots toward European and emerging markets.
CEO Valerie Baudson disclosed the move in an interview this week, citing concerns about US monetary policies and geopolitical instability. The Paris-based firm manages €2.4 trillion ($2.8 trillion) in assets.
Amundi reported fourth-quarter net inflows of €20.9 billion, exceeding analyst expectations of €16.1 billion. The company’s assets under management rose 6.2% year-over-year to €2.38 trillion, slightly above forecasts.
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Baudson told reporters that geopolitical uncertainty has driven investors to diversify their portfolios across regions, sectors, and asset classes. She noted that clients initially turned to gold as protection against dollar weakness, but have now shifted toward broader European diversification.
“We’ve begun to see a whole series of investments in Europe that were truly diversification investments or investments designed to reduce sensitivity to the dollar and US assets,” Baudson said.
The asset manager reported full-year 2025 profit of €1.59 billion, up 22% from 2024. Amundi proposed a dividend of €4.25 per share and announced a €500 million share buyback program.
The company’s fourth-quarter adjusted net sales climbed 8.2% year over year to €899 million, beating analyst expectations. Assets under management at year-end exceeded the €2.365 trillion analysts had forecast.
Amundi shares rose to a record €82.3 following the earnings announcement, surpassing the previous high from 2021.
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