Amundi is a major player in treasury management in Europe and across the world. We provide well adapted and clear solutions to investors seeking products combining liquidity and performance1 in an increasingly restrictive and low return environment.

Focusing on consistent performance

The philosophy beneath our liquidity funds is not the search for performance at any price. Our key priorities are aligned with what our clients require most from a liquidity solutions fund: security, liquidity and search of performance consistency2.

Risk management at the forefront

Being one of the world leaders in asset management sets very high standards. These standards are reflected in our unwavering search of investment security. You will find them at the heart of our liquidity funds expertise.

Treasury portfolios are managed within our money market, short term bond and secured asset solutions teams. They are highly experienced in coordinating the constant inflows and outflows of capital in an extremely seasonal, volatile yet strictly regulated environment. Providing products that clients can trust has placed us in a position of strength in weathering last years’ financial crises. Indeed, during this period our liquidity funds experienced measured negative impact and our assets actually grew1.

Treasury Letter

Treasury Letter 

September / October 2019

Weekly Liquidity


Primary Market View


Key figures


in Money Market Management in Europe3

€ 228 Bn 

of AuM4

> 30 years

of Liquidity fund management experience4

Stratifying excess cash

Segmenting the time horizon of the cash needs should enable investors to manage their risk and optimize their returns.

Four areas of expertise answering specific investors’ needs



01 I Money Market: investors looking for daily liquidity and security

The philosophy beneath our money market funds is not the search for performance at all costs but the search for what investors want the most from a money market fund: liquidity, transparency, security and performance consistency5.



02 I Ultra Short Term Bonds: investors looking for liquidity with higher returns than money market funds

In a context of negative short rates6 , investors may enlarge their investment universe with ultra short term bond funds which:

  • Invest mainly in bonds
  • Offer longer maturities with a conservative framework
  • Actively monitor duration to exploit the interest rate premium



03 I Absolute Return Bonds: investors looking for flexibility and low volatility

In order to optimize their cash allocation under a longer time horizon5 year and above), investors may opt for the flexibility of an unconstrained approach with a low volatility profile:

  • Broad investment universe
  • Opportunistic security selection and tactical arbitrage
  • Volatility limited to 2% over the last year6.

04 I Secured Assets: investors looking for diversification within the fixed income universe

When allocating their surplus of cash, many investors are also looking for a way to diversify their investments. This goal may be achieved by investing in securitizations which provide:

  • An access to a specific asset class, with a low level of correlation against the rest of the fixed income universe
  • Higher returns than other credit bonds with the same ratings6
  • Credit quality, via a rigorous analysis and a very selective picking approach of securities

(1) Past performance is not indicative of future returns.

(2) Amundi’s treasury management funds/sub-funds do not offer a guarantee of capital or performance.

(3) Source: Lipper FMI, FundFile - End of March 2018 - Open-ended Funds domiciled in Europe and in related offshore territories. Asset classes/expertise are defined from Lipper FMI’s Fund Sector and Fund Feature database

(4) Source Amundi. Data as of end-June 2018

(5) Information given for indicative purposes only, may be changed without prior notice. Amundi AM’s treasury management funds/sub-funds do not offer a capital or performance guarantee.

(6) Past market behaviours are not reliable indicators for future behaviours.

This information is exclusively intended for “Professional” investors within the meaning of the MiFID Directive 2004/39/EC of 21 April 2004, and articles 314-4 and following of the General Regulations of the AMF. It is not intended for the general public or for non-professional individual investors within the meaning of all local regulations, or for “US Persons”, as defined in the Securities and Exchange Commission’s “Regulation S” under the 1933 U.S. Securities Act.

This non-contractual information does not under any circumstances constitute an offer to buy, a solicitation to sell, or advice to invest in financial instruments of Amundi or one of its affiliates (“Amundi”).

Investing involves risks. The performance of the strategies is not guaranteed. In addition, past performance is not in any way a guarantee or a reliable indicator of current or future performance. Investors may lose all or part of the capital originally invested.

Potential investors are encouraged to consult a professional adviser in order to determine whether such an investment is suitable for their profile and must not base their investment decisions solely on the information contained in this document. 

Amundi assumes no liability, either direct or indirect, resulting from the use of any of the information contained in this document, and shall not under any circumstances be held liable for any decisions taken on the basis of this information. This information may not be copied, reproduced, modified, translated or distributed, without the prior written approval of Amundi, for any third person or entity in any country or jurisdiction which would subject Amundi or any of its products to any registration requirements within these jurisdictions or where this might be considered unlawful. 

This information is provided to you based on sources that Amundi considers to be reliable, and it may be modified without prior warning.