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Amundi - First Half 2019 results

7/31/19,  by Amundi

Accounting net income of €480m (up +5.6% vs. H1 2018)

Growth in-line with targets of 3-year plan

 

 

Results

A high level of net income, and again on the rise:

  • Accounting net income of €480m, up by +5.6% vs. H1 2018
  • Adjusted net income[1] of €505m, up by +2.7% vs. H1 2018
    • Total net revenues1 nearly stable at €1,332m
    • Operating costs under control with a cost/income ratio1 of 51.1%

 

Business activity

  • AuM of €1,487 bn[2] at 30 June 2019, an increase of +4.3% vs. the end of December 2018
  • In H1 2019
    • Sustained high inflows2 in MLT assets[3]: +€8.0bn excluding reinternalisation of a mandate in Italy[4]
    • Total net outflows of -€11.7bn due to:
  • Substantial outflows from treasury products (-€13.4bn)
  • The reinternalisation in Q1 2019 of an institutional mandate in Italy (-€6.3bn)
  • In Q2 2019, net outflows2 of -€4.8bn, related to seasonal outflows from treasury products

 

Paris, 31 July 2019

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 30 July 2019 to review the financial statements for the first half of 2019.

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

“In the first half of 2019, Amundi confirmed the solidity of its business model. Results have increased again, in line with the targets of the three-year plan. This increase in profitability reflects both the resiliency of business and margins in a more difficult environment, and the full effect of the synergies from the Pioneer acquisition. Amundi has continued to strengthen its organization with targeted recruitment (mainly for passive management and real assets). In addition, Amundi has launched several Responsible Investing initiatives, in keeping with the plan announced in October 2018”.

 

Footnotes

 

  1. ^ [1] Adjusted data: excluding amortisation of the distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer
  2. ^ [2] Assets under management and net inflows include assets under advisory and assets sold and take into account 100% of assets under management and net inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
  3. ^ [3] Medium-Long-Term (MLT) Assets: excluding treasury products
  4. ^ [4] Reinternalisation of an Italian institutional mandate for -€6.3bn in Q1 2019
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About Amundi

Amundi is Europe’s largest asset manager by assets under management and ranks in the top 10[1] globally. It manages more than 1.470 trillion[2] euros of assets across six main investment hubs[3]. Amundi offers its clients in Europe, Asia-Pacific, the Middle East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Clients also have access to a complete set of services and tools. Headquartered in Paris, and listed since November 2015, Amundi is the 1st asset manager in Europe by market capitalization[4].

 

Thanks to its unique research capabilities and the skills of close to 4,500 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their needs, targeted outcomes and risk profiles.

 

Amundi. Confidence must be earned.

 

Visit www.amundi.com for more information or to find an Amundi office near you.

 

Footnotes

 

  1. ^ [1] Source IPE “Top 400 asset managers” published in June 2018 and based on AUM as of end December 2017
  2. ^ [2] Amundi figures as of September 30, 2018
  3. ^ [3] Investment hubs: Boston, Dublin, London, Milan, Paris and Tokyo
  4. ^ [4] Based on market capitalization as of September 30, 2018

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