The largest fund manager in Europe, Amundi, reported inflows which beat expectations for the quarter on Friday, as an appetite for risk-averse assets drove a 1.9% year over year growth rate for assets under management,

Amundi’s Q2 results showed that inflation, sudden jumps in interest rates, and geopolitical unrest produced an uncertainty regarding the global economy which drove retail and institutional investors to seek safer investments such as treasury funds, structured products, and exchange traded funds (ETFs).

Amundi’s total assets under management (AUM) grew by 3.7 billion euros over the second quarter, reaching 1,961 billion euros ($2.16 trillion) which marked a rise of 1.9% from one year prior, and an increase of 1.4% over the prior quarter.

This exceeded  a consensus forecast by a group of analysts the company had surveyed, which had forecast a decrease of 1.1 billion euros for the second quarter, ending in June.

In a call with reporters, Chief Executive Valerie Baudson said, “The depth of our offering and our agility in proposing it to our customers are important assets in uncertain markets such as those we are experiencing today, where investors remain cautious and wait-and-see.”

Asked about the second half’s outlook, she added, “Things are probably going to remain relatively stable over the next few months,” adding, “I don’t see any reason for (the situation) to get worse and we don’t see any reason for it to get better very suddenly.”

She also noted that as China’s economy has begun reopening, it has started to have a beneficial effect on the firm’s joint venture with the Bank of China, which has produced a net inflows for the second quarter.

Earnings for the fund manager in the second quarter also were better than expectations, as adjusted net income added up to 320 million euros, up 19% from one year prior. Adjusted net revenues grew 9.2% to 823 million euros.