Amundi, the global asset management business formed in 2010 by France's Societe Generale and Credit Agricole, reported a rise in assets from €739.6 billion ($1.05 trillion) at the end of 2012 to €777.1 billion at 31 December 2013.

Amundi, the global asset management business formed in 2010 by France's Societe Generale and Credit Agricole, reported a rise in assets from €739.6 billion ($1.05 trillion) at the end of 2012 to €777.1 billion at 31 December 2013, an increase of 5.1 per cent.

This figure includes the consolidation of US company Smith Breeden, acquired in the third quarter of 2013 with its €4.7 billion of assets under management, and a positive market and currency effect of €22.4 billion, Amundi said in a statement.

Amundi said it attracted net inflows of €10.3 billion in 2013, including €12.7 billion from institutional investors and €4.8 billion from the international networks, driven by the Asian joint ventures.

Third party distributors delivered net inflows of €2.8 billion, excluding money market funds, while net outflows across the French retail networks totalled €9.9 billion for the full year, lower than in 2012, with a sharp slowdown in the fourth quarter (-€0.3 billion).

Amundi logged a 3.8 per cent increase year-on-year in gross operating income, while revenues were up 3 per cent over the year and 6.4 per cent for the fourth quarter, driven mainly by a high level of performance-based commissions.

Net income group share was up 8.3 per cent year-on-year to €92 million in the fourth quarter of 2013 and up 5 per cent for the full year to €325 million.

The cost/income ratio was 54.6 per cent for the year and 52.6 per cent in the fourth quarter.