Amundi, the French asset management giant, reported better-than-expected first-quarter inflows of €32.5 billion this morning, helped by strong results in its retail businesses.

The figures were given a big boost by €21.9 billion into money market funds, particularly in France, which are both highly variable and not very profitable. But there were also better-than-expected flows from wealth managers who invest their clients' assets in Amundi's funds in Europe, and from the French firm's joint-venture partners in Asia.