Amundi sets €300bn+ net inflow target by 2028, partners with ICG

Investing.com -- Amundi has announced targets for over €300 billion in net new money by 2028, exceeding analyst consensus expectations of approximately €240 billion.

The asset manager detailed that these inflows would include more than €100 billion from defined benefit to defined contribution net flows and €150 billion in Asian net flows, excluding the SBI EPFO outflow. Amundi shares fell 1.8% following the announcement.

The company’s profit and loss targets for 2028 are broadly in line with Jefferies estimates. Amundi aims to double its Amundi Technology revenues by 2028 from a €95 million pro forma base (including Aixigo). The firm plans to maintain an adjusted cost-to-income ratio below 56% through 2028, compared to consensus expectations of 52.9% and Jefferies estimates of 55.0%.

Regarding capital return, Amundi has committed to a minimum €300 million share buyback in 2026. This comes in addition to its recently announced partnership with ICG, which will see Amundi acquire a 9.9% stake in ICG in two phases, equivalent to approximately €625 million.

Any special dividend plans will be outlined in the fourth quarter results. With €1.3 billion of surplus capital as of the third quarter of 2025, minus approximately €900 million for these initiatives, around €400 million would remain available barring further acquisitions. Amundi has confirmed its ordinary dividend payout ratio will remain above 65%.

The company has also announced a long-term 10-year strategic partnership with ICG. Under this agreement, Amundi will become the exclusive global distributor in the wealth channel for ICG’s evergreen and certain other products, with ICG serving as the exclusive provider of those products. The companies will jointly develop new products targeting wealth investors.

Amundi’s 9.9% economic stake in ICG will be acquired through a 4.64% stake via a structured transaction in the open market, followed by a 5.26% stake in non-voting shares. ICG plans to offset any shareholder dilution through a share buyback by the first half of 2027.

Initial product launches in the first half of 2026 will include two European evergreen funds: private equity secondaries and a private debt fund. This private markets partnership addresses what analysts had identified as an obvious gap in Amundi’s offerings.

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