Activity and results for the first half of 2017

Paris, France,

Strong net inflows of +€29 billion

Substantial growth of net income at €308m[1] (+11%)


[1] Excluding costs associated with the integration of Pioneer Investments amounting to €32m before tax and €21m after tax in H1 2017.

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 27 July 2017 to review the financial statements for the first half of 2017.

Commenting on the figures, Yves Perrier, CEO, said:

“Amundi confirmed its profitable growth momentum in the first half of 2017. Its net inflows and results growth trends exceed the targets announced at the time of the IPO. The acquisition of Pioneer Investments has been finalized on 3 July as planned. Its integration is well on track. This acquisition is an important step in the implementation of Amundi's growth strategy and will be a strong source of value creation.”



1.    Activity: assets under management of €1,121 billion at 30 June 2017; net inflows of +€28.8bn in the first half of 2017, driven by Retail

Amundi’s assets under management amounted to €1,121 billion at 30 June 2017, reflecting excellent business activity (net inflows of +€28.8bn in H1 2017) and a positive market effect (+€9.5bn) owing to favourable market conditions, especially in equities. These net inflows trends exceed the target announced at the IPO (+€40bn in average per year).

The Retail segment has seen substantial activity, with net inflows in H1 2017 of +€22.9bn, achieved across all distribution channels, compared to +€10.1bn in H1 2016. Inflows were sustained on the French networks, especially in medium/long-term assets (+€2.4bn), continuing the positive trend observed since the second half of 2016. Inflows were also most significant for third-party distributors (+€9.9bn vs +€3.7bn in H1 2016), with particularly positive momentum in Europe, and for joint ventures (+€7.3bn). The international networks (+€4.7bn, largely attributable to the Italian networks) saw significant inflows from the UniCredit networks (+€3.5bn), demonstrating a positive start to the distribution agreement.

The Institutionals segment recorded a good level of net inflows (+€5.9bn in H1 2017), comparable to the H1 2016 level, despite some exceptional negative developments, particularly the reinternalization of a mandate by the ECB in Q1 2017 (‑€6.9bn) and seasonal effects in treasury products. Sovereigns and other Institutionals, as well as mandates from CA and SG insurance companies, contributed positively to net inflows. Net flows in Corporates were negative (-€4.9bn), as in H1 2016.

Net inflows were generated on all asset classes, with medium/long-term assets representing +€12.7bn. To be noticed, the continued strong inflows for ETFs (+€7.7bn), positioning Amundi as the n° 3 in Europe[1] and for real estate (+€2.2bn).

Finally, net inflows remained primarily driven by international sources (67% of total inflows), which totalled +€19.4bn, i.e. 67% of total inflows). Activity was dynamic in both Europe (Italy, Germany mostly) and Asia. Year-on-year, international assets under management increased by 25%, representing 29% of total assets under management and 44% of total assets excluding Group insurers.


In the second quarter of 2017

The €3.7bn outflow is attributable to contrasting trends:

  • Retail net inflows remained strong (+€7.5bn), driven in particular by momentum in third-party distributors and the international networks. Net inflows in medium/long-term assets on the French networks remained dynamic (+€1.4bn), while joint ventures saw moderate outflows over the quarter due to a negative result in China, partially offset by positive flows in India and South Korea.
  • The Institutionals segment recorded a net negative flow of -€11.2bn due to significant outflows in treasury products. This follows a very substantial inflow in the first quarter (+€17.1bn).


2.    Results[2] for the first half of 2017: net income of €308m, a substantial increase (+10.9%); solid revenue growth and an improved cost/income ratio (-2 points)


Amundi's results in the first half of 2017 confirm a trend of steady growth, exceeding the targets announced at the IPO (+5% average annual growth of net earnings per share from 2016 to 2019).

Net income Group share was up 10.9%8 from the first half of 2016. This excellent result was driven by solid revenue growth (€910m) of +8.6% linked to the 12-month growth in assets under management. Performance fees totalled €64m (+20%). A notable result was obtained in financial income (€56m, +60% vs. H1 2016), attributable to the disposal of financial assets to finance the acquisition of Pioneer.

Operating expenses were under control at €454m8 (+4.4%), leading to a 2-point8 improvement in the cost/income ratio, which stood at 49.9%.

The share of net income of equity-accounted entities rose to €16m (+23%). Taking into account a tax expense of €159m, net income Group share amounted to €308m8. Published net income Group share (which includes the costs related to the integration of Pioneer, valued at €21m after tax) amounted to €288m, up 3.4% on H1 2016.


In the second quarter of 2017

Net income Group share was €162m[3], an increase of 9.0% compared to Q2 2016. Net revenue was up 7.9% to €478m. Operating expenses came to €232m9, leading to a 1.9-point improvement in the cost/income ratio, which stood at 48.5%.

Published net income (which includes the costs related to the integration of Pioneer) was €145m.


3.    Acquisition of Pioneer Investments


On 3 July 2017, Amundi finalised the acquisition of Pioneer Investments from UniCredit for €3.5bn. The work carried out over the past six months has helped reaffirm the growth strategies of the new group, define priorities for its business lines and formulate an integration plan.

These preparatory efforts confirmed the strategic and industrial rationale of the merging Amundi and Pioneer Investments and the resulting potential for value creation. The organisation and governance of the new Group are in place, allowing the merger can be implemented.

The synergies will be in line with what was announced in December 2016: €150m in cost synergies and €30m in revenue synergies are expected in a full year (2020) upon completion of the integration process. €190m in costs associated with the integration will also be recognised in 2017 and 2018.


Amundi’s capital increase initiated on 14 March 2017 was a considerable success. A total of €1.4bn was raised[4] and 33,585,093 new shares were issued on 10 April 2017. The free float now accounts for 29.8% of shares, and Crédit Agricole Group now only holds 70% of the share capital. After this capital increase, Amundi has the largest market capitalisation among asset managers in Europe and ranks number five worldwide at €13.1bn[5].


At 30 June 2017, assets managed by Pioneer Investments totalled €221bn, bringing total combined AuM[6] for the Group to €1,342 billion. The results[7] for Pioneer Investments are in line with expectations, with net revenues of €422m, and net income of €127, normalised to €120m[8].


Financial disclosure schedule

§  27 October 2017: publication of results for the first nine months of 2017


[1] In H1 2017; source: DB ETF Monthly Review & Outlook,  end-June 2017      

[2] Excluding costs associated with the integration of Pioneer Investments amounting to €32m before tax and €21m after tax in H1 2017.

[3] Excluding costs associated with the integration of Pioneer Investments amounting to €26m before tax and €17m after tax in Q2 2017.

[4] Gross amount, including additional paid-in capital

[5] At 25 July 2017

[6] Data combined prior to harmonisation of accounting methods for AuM

[7] Accounts reviewed by its Board

[8] Taking into account in particular a normalised tax rate

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About Amundi

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players[1], offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.9 trillion of assets[2].

With its six international investment hubs[3], financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,400 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society 



  1. ^ [1] Source: IPE “Top 500 Asset Managers” published in June 2022, based on assets under management as at 31/12/2021
  2. ^ [2] Amundi data as at 31/12/2022
  3. ^ [3] Boston, Dublin, London, Milan, Paris and Tokyo

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