April 27, 2018 / 7:15 AM / a year ago

UPDATE 1-Asset manager Amundi's Q1 profits rise, lifting its shares

* Amundi shares rise sharply

* Amundi is majority owned by Credit Agricole (Adds share price reaction)

PARIS, April 27 (Reuters) - Amundi, Europe’s biggest asset manager, reported higher first quarter profits as it benefited from strong growth in new business, and added its integration of Pioneer Investments was progressing ahead of schedule.

Amundi, majority-owned by French bank Credit Agricole , said net profits had risen 9.3 percent from a year ago to 221 million euros ($268 million). It also benefited from net in-flows of around 40 billion euros in the first quarter.

Shares in Amundi rose sharply following the results, with Amundi up 5.1 percent at 70.42 euros in early session trading - close to its record high of 77.66 euros reached in February.

Amundi bought Pioneer Investments from Italian bank UniCredit for 3.5 billion euros in 2017, and it said the integration of Pioneer was going well and ahead of schedule.

“Amundi’s very good performance in the first quarter of 2018, driven by all business lines and investment expertise, confirms the value of its business model, further strengthened by the acquisition of Pioneer, whose integration is on track with objectives but in advance with the announced timeline,” said Amundi chief executive Yves Perrier.

$1 = 0.8254 euros Reporting by Matthieu Protard; Editing by Sudip Kar-Gupta

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