Amundi-ACBA assets grow by 185 bn drams as investment returns hit  record highs

ArmInfo. By December 2025, the number of participants in the three Amundi-Acba Asset Management funds reached 558,000 (510,000 in December 2024), bringing total  assets to 750 billion drams, as stated by Jean Mazedjian, Executive  Director of Amundi-Acba Asset Management in Armenia, summing up the  results of the previous year on February 3. 

Mazedjian recalled that the shareholders of Amundi-Acba Asset  Management are the French company Amundi (51%), which manages assets  of over 2.32 trillion euros (as of September 30, 2025) in 35  countries, and the Armenian Acba Bank (49%), one of the largest  financial institutions in Armenia with 66 branches. "Amundi ranks  first in Asset Management in Europe and is among the top 10  globally," he noted, emphasizing that the company has solidified its  market leadership in Armenia over the past 12 years by blending  international expertise with local practices.

In turn, the company's Chief Investment Officer, Hrayr Aslanyan,  emphasized that in 2025 alone, the volume of assets managed by  Amundi-Acba funds increased by 185 billion drams. Out of this amount,  75 billion drams (40%) were generated from management income, and 110  billion drams (approximately 64%) from accumulative contributions.  "In terms of dynamics, the average annual asset growth in recent  years has exceeded 30%, with 26%, or 195 billion drams,  generated  from management income," he noted.

Aslanyan pointed out that 2025 was marked by significant expansion  into the non-financial sector.  "Amundi-Acba actively worked with  three new non-financial issuers and closed the year quite  successfully," he said. To protect these growing assets, the company  also expanded its currency hedging capabilities. With one-third of  the funds' assets invested abroad, Aslanyan noted that the tools  introduced in 2022 and expanded in 2025 were crucial in mitigating  risks associated with the potential devaluation of the Armenian dram.   Furthermore, the partnership with the European Bank for  Reconstruction and Development (EBRD) continued to play a vital role.  Following the first cross-currency REPO deal in January 2024, a  series of subsequent transactions with the EBRD helped enhance the  profitability and overall efficiency of the fund management.

In a landmark shift for Armenia's financial landscape, legislative  changes in 2025 have granted cumulative pension funds the right to  invest directly in the real sector of the economy. According to Hrayr  Aslanyan, Chief Investment Officer of Amundi-ACBA, there has already  been positive progress in this direction, with specific results  expected to be announced shortly.  Despite global market  fluctuations, 2025 concluded with stable and robust results.  Amundi-ACBA successfully navigated currency and market risks by  employing international-standard strategies and maintaining a  diversified portfolio across both local and international assets.  This disciplined approach ensured positive outcomes aligned with the  long-term goals of the fund's participants.

Specifically, the funds' returns for 2025 were: Amundi-Acba Balanced  Fund (AMCON) (AMD 10 billion +12%; Amundi-Acba Conservative Fund  (AMBAL) (AMD 734 billion +12.4%; Stable Income - (AMFIX) (AMD 6.8  billion +10.1%). Since the introduction of the funded pension system  in Armenia, the average annual yield on citizens' pension accounts  managed by the company has remained strong at 7.5-8.2%.

Regarding the geography of investments, Hrayr Aslanyan reported that  in December 2025, Amundi-Acba's investments in Armenia reached 492  billion drams: 55%- government bonds, 34%- deposits in Armenian  banks, 9% - corporate securities, 1.5% - cross-currency repos, 0.3% -  investments in EU-Armenia-SME Fund, 0.3% - Team Telecom.  20% of the  total 750 billion drams in managed assets is invested in North  America (US and Canadian debt and equity). Other global allocations  include 10% in the Eurozone, 3% in emerging markets, 2% in other EU  countries, and 1% in Japan.

Looking ahead, the fund plans to deepen its cooperation with various  institutions to stimulate the capital market, create new investment  opportunities, and foster the long-term growth of the Armenian  economy.