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LONDON (Reuters) - Shares in Amundi fell 1.6% on Friday as the giant French asset manager reported a 4.8% drop in assets under management in the second quarter due to "unfavourable" markets.
Asset managers have been suffering from the impact on markets of the war in Ukraine and from soaring inflation and interest rates.
Amundi posted a 16.4% year-on-year drop in net income in the first half to 527 million euros ($538.44 million), while assets under management came in at 1.925 trillion euros at end-June.
“In an unfavourable environment, Amundi maintained a good level of profitability and operational efficiency, demonstrating the robustness of its diversified model," CEO Valerie Baudson said in a statement.
KBW analysts called the results "underwhelming", though they reiterated their "outperform" rating on the stock.
Amundi shares were down 1.8% at trading at 52.7 euros at 0856 GMT, retreating from one-month highs set in the previous session.
Shares in British asset manager Schroders jumped on Thursday as it bucked the trend with a 1% rise in AUM in the first half.
($1 = 0.9788 euros)
(Reporting by Carolyn Cohn; editing by Jason Neely)