Paris-based Amundi, Europe’s biggest fund manager, said on Friday its assets rose by €16.6bn in the first quarter of 2024 to €2.116 trillion, setting a new record and reflecting growth of 3.9% on the previous quarter and 9.4% year-on-year.

Amundi’s first-quarter earnings beat expectations, with adjusted net income totaling €318 million, up 5.9% from a year earlier, compared to an average analyst consensus of €312 million.

Revenues over the quarter rose 3.8% to €824 million.

Last week, Amundi agreed to merge its US business into Victory Capital Holdings Inc. as it seeks to grow in the United States.

Amundi will get a 26.1% stake in Victory Capital in exchange for adding its US unit to Victory. The French firm will also get two seats on Victory’s board and the two parties will enter into a 15-year reciprocal distribution pact.

Amundi CEO Valérie Baudson said: “We had a particularly intense start to the year, both in terms of sales momentum and the development according to our strategic priorities.

“We were able to combine organic and external growth, in line with our 2025 Strategic Ambitions plan.

“Our net inflows, which reached +€17 billion, are very balanced across the main client segments, expertise and geographies.

“This shows the good positioning of our range of solutions, which allows us to respond effectively to the needs of our clients. Our assets under management reached their highest level ever, at more than €2,100bn.

“This activity is also reflected in our profitability: the net income for the first quarter, at €318m, is up +6% year-on-year, driven by the increase of our net management fees and the control of our costs.

“Finally, two external growth operations that are significant for our future development mark the beginning of the year.

“The acquisition of Alpha Associates is now finalised, three months ahead of schedule. Starting in the second quarter, our clients will therefore benefit from new high-performance solutions in the multi-management of private assets.

“Secondly, the partnership with the US manager Victory Capital will strengthen our presence in the United States and our US asset management expertise. It also brings strong value creation for our clients and our shareholders.

“These initiatives, combined with our sustained organic investments, are promising for our future business and results.”