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Amundi - Q1 2020 results

Management of the Covid-19 crisis

The company is 100% operational for its customers thanks to:

  • Its robust IT platform: 95% of employees working remotely in more than 30 countries
  • Employee engagement and strong social cohesion

 

 

Business activity

High level of activity maintained

  • AuM[1] of €1,527bn at 31 March 2020, up 3.5% year-on-year (decrease limited to -7.6% vs. end-2019 mainly due to a significant negative market effect at end March)
  • Activity driven by Retail and JVs (+€12.1bn) :
  • Retail excluding JVs marginally affected by the crisis in Q1 2020 (+€2.5bn)
  • Continued substantial flows in the JVs (+€9.7bn) with a positive contribution from all entities
  • Net outflows1 in Institutional and Corporates clients (-€15.4bn) linked to outflows in treasury products and customer “de-risking”
  • Total net outflows contained at -€3.2bn (-0.2% of the AuM at end 2019)

 

 

Results

  • Gross operating income[2] (excluding financial income[3]) up by +12.2% vs. Q1 2019
  • Net asset management revenues of €673m, up by +5.1% vs. Q1 2019
  • Operating expenses of €331m, down by -1.4% vs. Q1 2019
  • Negative financial income (-€61m) due to the mark-to-market valuation at end March 2020 of the investment portfolio and seed money
  • Cost/income ratio2 below 50% excluding financial income, and 54.1%2 including financial income (vs. 50.9% in Q1 2019)
  • Accounting net income of €193m (vs. €235m in Q1 2019) and adjusted net income2 of €206m (vs. €247m in Q1 2019)

A very robust financial structure

  • €2.9bn in tangible equity
  • A+ rating by Fitch[4]

New growth drivers

  • Amundi announced recently two major strategic partnerships with Banco Sabadell and Bank of China. They will strengthen Amundi’s position in Retail.
  • The implementation of these partnerships is on track with announced target and schedule

 

 

Paris, 30 April 2020

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

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

“Faced with a crisis of unprecedented scope, Amundi has adapted quickly, thanks to its proprietary robust IT platform and the professionalism of all its employees. I salute their engagement and their spirit of solidarity. All of the company’s functions, including portfolio management, risks, middle-office and sales, are 100% operational. Once again, our first-quarter 2020 results confirm the solidity of Amundi’s business model, founded on the one hand on strong operational diversification, and on the other on a high level of operational efficiency. Assets under management are up +3.5% year-on-year. In Q1 2020, Retail and JV inflows total more than €12bn, virtually offsetting the crisis-related outflows from Institutionals and Corporates. Gross Operating Income[5] increased by more than 12% thanks to the positive jaws effect stemming from an increase of net asset management revenue (+5%) and a decrease of costs (-1%). Net income[6] is maintained at a high level (€206m). The Group has initiated recently new growth levers in retail, with strategic partnerships signed with Banco Sabadell and Bank of China. The implementation of these partnerships is progressing well, on target and on schedule, as announcedThe duration of the crisis and its impact on the business remain difficult to assess. However, thanks to its solid business model and its new growth drivers, Amundi is well-equipped to face the challenges brought by this exceptional situation.”

 

Footnotes

 

  1. ^ [1] 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.
  2. ^ [2] Adjusted data: excluding amortisation of distribution contracts; See page 8 for definitions and methods
  3. ^ [3] Financial income = Net financial income and other net income
  4. ^ [4] Rating confirmed in May 2019
  5. ^ [5] Excluding financial income
  6. ^ [6] Adjusted net income
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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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