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Q2 and H1 2020 results

London, Royaume-Uni,

Good level of business activity and earnings

SG partnership renewed for five years

Business activity

  • AuM[1] of €1,592bn at 30 June 2020, an increase of +7% year-on-year (+4% vs. the end of March 2020)
  • Good trend in Medium-Long-Term[2] assets: inflows +€3.5bn in Q2 2020, offsetting outflows in treasury products

Results

  • Revenues[3] affected by the market downturn (-7.3% in Q2 2020 vs. Q2 2019)...
  • ... offset by a reduction of operating expenses (-7.8% in Q2 2020 vs. Q2 2019) while continuing to hire for growth
  • Cost/income ratio3 improving (50.9% in Q2 2020, -0.3 pt. vs. Q2 2019)
  • Adjusted net income3 still high: €233m (vs. €258m in Q2 2019)
  • Excluding the impact of the market’s downturn, Q2 2020 income would be comparable to Q2 2019

Partnership with

Société Générale

  • Partnership renewed for 5 years

Growth drivers

  • Sabadell AM in Spain: a deal that boosts Amundi's European leadership, with integration well under way
  • New JV with BoC in China: a promising project staying on schedule

 

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 30 July 2020 to review the financial statements for the first half of 2020.

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

“Despite an unfavourable market environment, Amundi’s business activity and earning were solid in the 2nd quarter, which proves the company’s business model is sound. Medium-Long-Term assets inflows turned positive, thanks notably to real assets and passive management.

The Q2 2020 cost/income ratio of 50.9% was improved by 0.3 pt vs. the second quarter of 2019. Adjusted net income amounted to €233m. Excluding the impact on revenues of the decrease of average financial markets levels, this net income would be comparable to that of Q2 2019.

The partnership with Société Générale has been renewed in all its aspects, which strengthens Amundi's position as a reference partner of the Retail networks in Europe

The growth drivers initiated at the start of the year are taking shape in line with our stated objectives:

  • The acquisition of Sabadell AM, making Amundi the 4th player in Spain, was finalized at the end June, and the expected synergies have been revaluated.
  • The implementation of the joint-venture with BOC in China continues in line with the envisaged plan, with a launch of operations planned in Q4 2020

Lastly, Amundi continued to implement its ESG plan announced in October 2018, stepping up responsible investing initiatives”.

Footnotes

  1. ^ Assets under management and net inflows (excluding Sabadell AM) include assets under advisory and assets marketed 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.
  2. ^ Medium-Long-Term Assets: excluding -€4.3bn in treasury products in Q2 2020.
  3. ^ Adjusted data: excluding amortisation of distribution contracts; See page 10 for definitions and methods.
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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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