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Amundi - Q2 2021 Results

Paris, France, July 30, 2021 by Amundi

Very good results in Q2 2021 in a highly favourable market context

Strong inflows[1] in MLT assets[2] (+€22bn)[3]

 

Results

in Q2
  • Net asset management revenues up +9.0% vs. Q1 2021, driven in particular by exceptionally high performance fees (€155m)
  • Adjusted cost/income ratio of 45.7%[1] (~50% excluding exceptional level of performance fees[2])
  • Adjusted net income4 of €345m (+11.9% vs. Q1 2021 and +48.3% vs. Q2 2020)
  • Net accounting income[3] of €448m including a one-off tax gain of €114m[4]

Business activity

in Q2
  • High inflows1 of +€21.7bn in MLT assets2-3 driven by active management (+€18.9bn3) and by all customer segments
  • Seasonal outflows in treasury products3: -€17.0bn3
  • Total net inflows of +€7.2bn
  • AuM1 of €1,794bn at 30/06/2021, up +12.7% year-on-year (+2.2% for the quarter)

Lyxor
  • Acquisition[5] master agreement signed on 11 June, ahead of schedule
  • Preparation for Lyxor's integration advancing at the expected pace
  • Completion planned for the end of 2021

 

Paris, 30 July 2021

 

Amundi’s Board of Directors, chaired by Yves Perrier, convened on 29 July 2021 to review the financial statements for the second quarter of 2021.

Commenting on the figures, Valérie Baudson, CEO, said:

“Amundi posted very good financial and operating performance in the second quarter of 2021, driven by a growth momentum in all business lines, especially with buoyant inflows in MLT assets. The strong growth in net income was amplified by a very favourable market environment.

The recent strategic initiatives (the partnership with Banco Sabadell, the joint venture with Bank of China, and Amundi Technology) are starting to bear fruits. The acquisition of Lyxor, whose integration is being actively prepared, will be a new growth driver.

Such strong performances prove that Amundi's development strategy is relevant. Our Group has all the strengths needed to pursue its profitable growth trajectory”.

 

 

Footnotes

 

  1. ^ [1] Adjusted data: excluding amortisation of the distribution contracts and the impact of Affrancamento. See page 8 for definitions and methodology.
  2. ^ [2] Exceptional performance fees = difference compared to average performance fees per quarter in 2017-2020
  3. ^ [3]Accounting data: including amortisation of distribution contracts and, in Q2 and H1 2021, including the one-off tax gain (see below).
  4. ^ [4]One-off tax gain (net of substitution tax) of +€114m (no cash impact): “Affrancamento” mechanism in compliance with the Italian Budget Law for 2021 (Law No.178/2020), resulting in the recognition of Deferred Tax Assets on intangible assets (goodwill); item excluded from Adjusted Net Income.
  5. ^ [5] As a reminder (Press Release 07/04/2021): cash consideration of €825m, AuM of €124bn as of 31/12/2021 (transaction scope)
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Valérie Baudson

Valérie Baudson

Member of Executive Committee of Crédit Agricole S.A., Chief Executive Officer of Amundi

Valérie Baudson is Deputy Chief Executive Officer of Crédit Agricole S.A. in charge of the asset management division and a member of the Executive Committee of Crédit Agricole SA since May 202[...]

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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

www.amundi.com 

 

Footnotes

  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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