Amundi, Europe's largest asset manager, said its assets under management dropped by more than 7% during the first three months of the year due to onset of volatile markets prompted by the Covid-19 pandemic.

According to its 30 April first quarter results, assets under management at the Paris-headquartered fund manager fell to €1.53tn at the end of March, down from €1.65tn at the end of last year — a drop which Amundi attributed to “a significant negative market effect at the end of March”.