Amundi reported a record €2.19 trillion in assets under management, marking an 11% increase from the previous year. The rise in assets contributed to a 9.2% boost in management fees, with the company's third-quarter adjusted net income surpassing analysts' expectations.
The merger of UBS and Credit Suisse's asset management divisions faces challenges due to product duplications and the complexities of institutional mandates. UBS aims to retain most of Credit Suisse's funds while integrating operations, with 80% of the cleanup expected by year-end. Following the merger, UBS holds a 36.3% market share in Switzerland, while Credit Suisse has exited the rankings.
The Swiss fund market reached CHF 1,565 billion in Q3 2024, marking a 14.4% growth this year, with significant inflows into bond and money market funds. UBS now holds a dominant 36.3% market share following the Credit Suisse takeover, while other providers like Amundi, Swisscanto, Blackrock, and Pictet have also increased their shares.
UBS Asset Management has reduced fees and merged share classes for three ETFs, including the $375m USD-hedged socially responsible ETF, due to their net asset values falling below a commercially viable minimum. The fee for the UBS ETF MSCI ACWI Socially Responsible UCITS ETF will decrease from 0.28% to 0.25%, while the UBS Bloomberg MSCI Global Liquid Corporates Sustainable UCITS ETF's fee will drop from 0.25% to 0.20%. Trading for the affected share classes will cease on October 28.
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