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Amundi - Q3 and 9M 2020 results

Paris, France, October 30, 2020 by Amundi

Inflows of €35bn in Q3 2020, and net income[1] of €235m, i.e. +2.3% vs Q3 2019

Ambitious targets for Asia, thanks in particular to the new subsidiary in China with BoC[2]

 

Business activity
  • AuM[3] of €1,662bn at 30 September 2020, an increase of +6.4% year-on-year (+4.4% vs. the end of June 2020)
  • High inflows of +€34.7bn in Q3, fuelled by all segments:
  • +€22.0bn[4] in treasury products
  • +€4.7bn in MLT assets3, [5]
  • Sustained momentum in the JVs (+€8.1bn)

Results
  • Solid results:
  • In Q3:
    • adjusted net income1 still high: €235m (+2.3% vs. Q3 2019 and +1.0% vs. Q2 2020)
    • cost/income ratio of 51.2%1, stable
  • Over the first nine months of the year, adjusted net income1 of €674m (-8.3% vs. 9M 2019), virtually stable excluding financial income (impacted by the market downturn)

Asia
  • Positions that are already strong across the entire region (€303bn in AuM[6]), thanks to a pragmatic approach combining JVs and subsidiaries
  • The new subsidiary with BoC WM has significantly enhanced the potential for growth in China
  • Ambitious targets for 2025:
  • For Amundi BoC WM: more than €60bn in AuM and more than €50m in net income[7]
  • In Asia, an AuM target of €500bn 

 

Paris, 30 October 2020

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 29 October 2020 to review the financial statements for the third quarter and first nine months of 2020.

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

“In the third quarter of 2020, Amundi posted solid operating performance both in terms of business activity and results. The high level of inflows (+€35bn) was driven by all client segments, and net income1 (€235m) increased +2.3% compared to Q3 2019.

Thanks to its diversified business model and its operating efficiency, Amundi is therefore confirming its ability to combine growth and profitability, in spite of a market environment, which remains fragile due to the Covid-19 crisis.

Asia is a major focus of Amundi’s expansion strategy. In the space of five years, Amundi’s Asian AuM tripled, reaching more than €300bn. The launch of the new subsidiary in China with BoC give Amundi a unique position in this fast-developing market. Thanks to this new growth driver and the favourable momentum of its other activities in Asia, Amundi is targeting AuM of €500bn in the region by 2025.”

Footnotes

 

  1. ^ [1] Adjusted data: excluding amortisation of distribution contracts; See page 8 for definitions and methods.
  2. ^ [2] Bank of China
  3. ^ [3] Assets under management and net inflows including Sabadell AM as of Q3 2020 and including assets under advisory and assets marketed and take into account 100% of the Asian JVs’ assets under management and net inflows. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
  4. ^ [4] Excl. JVs
  5. ^ [5] Medium-Long-Term Assets: excluding treasury products
  6. ^ [6] At 30/09/2020
  7. ^ [7] Net contribution at 100%
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Yves Perrier

Yves Perrier

Chief Executive Officer

Yves Perrier is Deputy General Manager of Crédit Agricole S.A. in charge of the Savings, Insurance and Property division. In this capacity,[...]

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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 investors, institutional investors and companies – 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 4,700 employees in nearly 35 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages over €1.7 trillion in assets[3].

 

Footnotes

 

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

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