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Amundi - First Half 2019 results

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, 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.

With its six international investment hubs[2], 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 4,500 employees in nearly 40 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages nearly €1.6 trillion of assets[3].

 

Amundi, a Trusted Partner, working every day in the interest of its clients and society

www.amundi.com    

 

 

Footnotes

 

  1. ^ [1] Source: IPE “Top 500 Asset Managers” published in June 2020, based on assets under management as at 31/12/2019
  2. ^ [2] Boston, Dublin, London, Milan, Paris and Tokyo
  3. ^ [3] Amundi data as at 30/06/2020

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