Amundi, Europe’s largest asset manager, reported quarterly inflows that met market expectations on Tuesday, fueled by rising interest in index-tracking funds and a shift in investor appetite from the U.S. to Europe after Donald Trump's presidential victory.

Net inflows for the first quarter reached 31 billion euros ($35.35 billion), surpassing the average analyst forecast of 27 billion euros gathered by the firm. This pushed Amundi’s total assets under management (AUM) to a record 2.25 trillion euros at the end of March, marking a 6% increase year-over-year.

The inflows were significantly bolstered by a 21 billion-euro mandate from the People's Pension, one of the UK’s largest pension trusts, to oversee a climate-focused equity index portfolio.

"There's a clear trend toward European equities this quarter, with allocations climbing while U.S. equities have seen a decline," CEO Valérie Baudson told reporters during a conference call. She noted this shift was evident in the outflows from ETFs tracking U.S. indexes, contrasted by inflows into European-focused ETFs.

ETFs, or exchange-traded funds, are investment vehicles designed to mirror the performance of specific market indexes and are traded on stock exchanges like ordinary shares.

When questioned about recent market volatility triggered by Trump's aggressive tariff policies, Baudson downplayed concerns over potential impacts to Amundi’s AUM, reaffirming the company's stability.

Baudson also reiterated Amundi’s commitment to expansion through strategic acquisitions. "We continue to be a natural consolidator in this market, and that strategy remains firmly in place," she said.

Meanwhile, Amundi’s adjusted net income for the first quarter slipped by 4.5% to 303 million euros, in line with analyst expectations. The decline was largely attributed to a temporary tax levy on large corporations in France, which is expected to cost Amundi 72 million euros across 2025 — with 46 million euros accounted for in Q1 alone.