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Amundi-ACBA Asset Management, Armenia’s pension fund manager, has achieved remarkable growth in 2024, with assets under management increasing by 40% to reach 567 billion drams (approximately €1.4 billion). These results were presented at the annual Amundi Investment Outlook 2025 event in Yerevan, themed “Global Investment Perspectives 2025: Bright Spots in a World of Irregularities.”
Jean Mazedjian, CEO of Amundi-ACBA Asset Management, highlighted the company’s educational initiatives alongside financial performance. “This initiative aims to contribute to the preparation of qualified specialists for the country’s financial sector,” he explained, referring to the educational platform launching in March. The company has maintained steady growth since 2014, with pension funds showing an average annual return of 8%. They have successfully expanded investment instruments, including Armenia’s first sustainability-linked bonds by Team Telecom Armenia and green bonds by ENA.
The Armenian financial market demonstrated remarkable resilience in 2024, with government and financial bonds delivering double-digit returns. The Armenian dram showed stability, appreciating approximately 2.2% against the US dollar, despite the dollar’s strengthening against other currencies globally.
A significant development in early 2025 was the adoption of legislative changes allowing up to 10% investment in non-public companies. Anush Amirjanyan, Amundi-ACBA’s fund manager, outlined the company’s focus on real economy investments: “We place special importance on investments in the real economy. In 2025, we will direct our efforts toward both implementing investments in corporate bonds and creating investment opportunities in major infrastructure projects.”
Frederik Pascal, co-head of Amundi’s Investment Solutions, presented the global context for these local developments. The company maintains a positive attitude toward risk assets, particularly at the start of the year. Financial markets are creating favorable conditions for risk assets such as global stocks, investment bonds, and emerging market bonds, though Pascal emphasizes the importance of considering potential risks.
Amirjanyan noted that the company is developing new opportunities in currency exchange markets: “We are particularly emphasizing real economy investments. While continuing to expand the national bonds portfolio, we’re also exploring currency risk hedging opportunities through derivative financial instruments.”
Looking at global trends, the experts highlighted risks in several markets, including Europe, particularly in Germany and Italy, where stagnation and high dependence on raw material imports make economies vulnerable. The Chinese market, previously considered a key growth point for global investments, has faced challenges due to real estate sector issues, declining consumer demand, and political risks.
The technology sector, especially artificial intelligence, continues to play a crucial role. The implementation of AI in investment processes is increasing, though final decisions remain under human control. This technological integration aligns with Amundi-ACBA’s commitment to modernizing Armenia’s financial services sector.
Regarding ESG investments, Amirjanyan emphasized their strategic importance: “We have been actively using ESG investment instruments, including ‘green’ bonds, which are becoming not only a risk hedging tool but also an important direction for future investments.”
Looking ahead, three major long-term trends will influence strategic asset allocation: demographic changes and their impact on pension systems, artificial intelligence development and its effect on productivity, and climate change and energy transition. These global trends are being carefully considered in the context of Armenian market development.
“Our focus remains on strengthening the local financial market while maintaining global perspectives,” concluded Mazedjian. “The combination of new investment opportunities, technological advancement, and educational initiatives positions Armenia’s financial market for sustainable growth.”
As Armenia’s financial markets continue to mature, Amundi-ACBA’s combination of international investment expertise and deep understanding of local market dynamics positions the country’s financial market for continued growth and sophistication. The company’s strategic focus on sustainable development, technological integration, and market education provides a strong foundation for the future of Armenia’s investment landscape.
Read the article in Armenian: 2025-ի ներդրումային հեռանկարները. «Ամունդի-Ակբա Ասեթ Մենեջմենթի» ռազմավարությունը Հայաստանում
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