Amundi has a further 18 ETFs with assets below €20m
Amundi has a further 18 ETFs with assets below €20m © Reuters

Amundi has closed 11 France-domiciled exchange traded funds, further concentrating its business in Luxembourg and away from its home market.

The ETFs, which had €110m in assets under management at the end of June, were closed by Europe’s largest listed fund manager in August.

The products include Amundi’s €16.5m Euro Stoxx Small Cap ETF, as well as a range of sector products that tracked MSCI European indices, including Industrials, Utilities, Communication Services and Consumer Staples ETFs.

Data from Lipper at Refinitiv show that 89 per cent of the French company’s €40.7bn European ETF assets are now domiciled in Luxembourg. Amundi is Europe’s fifth-largest ETF provider.

This article was previously published by Ignites Europe, a title owned by the FT Group.

Following the closures, the asset manager is left with 111 ETFs in Europe, 78 of which are domiciled in Luxembourg.

Each of the closed funds had assets below €20m at the end of June, indicating that the products’ small size was a contributing factor.

Amundi has a further 18 ETFs with assets below €20m, although only four of these are domiciled in France, with the remainder in Luxembourg, Lipper data show.

The asset manager declined to comment on the reasons for the products’ closures or whether it has plans to close any further ETFs.

However, the company had recently indicated that it was planning to close more funds, having merged and closed a significant number of products since its merger with Pioneer in 2017.

Yves Perrier, chief executive of Amundi, said last month that the company planned to close 20 per cent of its actively managed funds.

This follows Amundi’s closure of 40 per cent of its Luxembourg fund range a year ago, totalling 60 funds.

The French fund house also shook up its ETF product range two years ago, when it transferred 99 France-domiciled products to Luxembourg.

European ETFs garnered net inflows totalling €30.7bn over the first seven months of 2020, according to Lipper. The region has €843.5bn in European domiciled ETF assets under management, with equity products accounting for €551.5bn and €254.8bn invested in fixed income funds.

*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. It covers everything from new product launches to regulations and industry trends. Trials and subscriptions are available at igniteseurope.com.

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