PARIS (Reuters) - Amundi, Europe's biggest fund manager, posted better-than-expected first-quarter inflows on Friday thanks to its joint ventures in Asia and continued appetite for risk-averse products that underpinned 9.4% yearly growth of assets under management. 

Total AUM at Amundi rose by close to 17 billion euros ($18.23 billion) in the quarter to 2,116 billion euros, setting a new record and reflecting growth of 3.9% from the previous quarter.

This beat the analyst consensus compiled by Visible Alpha and cited in a note by Royal Bank of Canada (RBC), which predicted an increase of 4.6 billion euros.

"What characterizes these inflows is that they are highly diversified," CEO Valerie Baudson told reporters on a call, noting demand from retail and institutional clients for safer bets such as treasury products but also for medium and long-term assets via exchange-traded funds (ETFs).

Amundi's first-quarter earnings also slightly beat expectations, with adjusted net income totaling 318 million euros, up 5.9% from a year earlier, compared to an average analyst consensus of 312 million euros compiled by the company. 

Revenues over the period rose by 3.8% to 824 million euros. 

($1 = 0.9324 euros)

(Editing by Jan Harvey)