amundi results

Amundi - Q1 2021 Results (English)

2021/04/29 掖 Amundi

Net income up sharply (+50% vs. Q1 2020 and +7% vs. Q4 2020^[1])

Robust inflows^[2] on MLT assets^[3] (+€9.8bn^[4]), particularly in Retail

Results

– Adjusted net income1 of €309m (+50.1% vs. Q1 2020 and +7.1% vs. Q4 2020)
– Net asset management revenues up by +15.1% vs. Q1 2020, driven by management fees (+5.1% vs. Q1 2020) and a high level of performance fees (€111m vs. €42m in Q1 2020)
– Cost/income ratio of 48.8%1 (vs. 54.1% in Q1 2020)

Business activity

– AuM2 of €1,755bn at 31/03/2021, up +14.9% year-on-year (+1.5% for the quarter)
– Robust inflows in MLT assets3-4: +€9.8bn driven primarily by Retail (+€7.8bn)
– Outflows in treasury products (-€18.6bn4) linked to the interest rate environment
– Positive  momentum  in  JVs  (+€3bn)  but  outflows  in  Channel  Business  in  China (-€7.0bn) as expected
– Total net inflows of -€12.7bn

Lyxor

– On 7 April 2021, Amundi entered into exclusive negotiations with Societe Generale for the acquisition of Lyxor
– This acquisition improves Amundi's key expertise, mainly in the fast-growing ETF market, and generates substantial value
– Completion of the transaction is expected no later than February 2022

Paris, 29 April 2021

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 28 April 2021 to review the financial statements for the first quarter of 2021.

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

“Amundi recorded very good performances in the first quarter of 2021: results improved substantially, inflows in MLT assets were strong and operational efficiency continued to improve. The strategic initiatives launched in 2020 (the partnership with Banco Sabadell, the joint venture with Bank of China, and Amundi Technology) are starting to bear fruits. The acquisition of Lyxor will be a new driver of growth.

Such strong performances prove that, since its creation, Amundi's development strategy has been relevant, consistently implemented, and disciplined in its execution. This strategy has made Amundi the European leader and a recognised global player.

As I prepare to hand over general management to Valérie Baudson, and succeed Xavier Musca as Chairman of the Board of Directors, I would like to thank Xavier for his support, and all of Amundi's employees for their contribution to the company's success.”

Footnotes

1. Adjusted data: excluding amortisation of distribution contracts. See page 7 for definitions and methodology.
2. Assets under management and net inflows including Sabadell AM as of Q3 2020, BOC WM as of Q1 2021, include 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.
3. Medium/Long-Term Assets: excluding treasury products.
4. Excl. JVs