Amundi: Third quarter and nine-month 2024 results
Amundi: Third quarter and nine-month 2024
results
Net
income1,2
up +16% Q3/Q3 and record assets under management at €2.2
trillion
|
Strong growth in earnings and
revenues |
|
Q3 - adjusted net
income1,2 at
€337m, fast-growing: +16.1% Q3/Q3
- Thanks to
revenue growth (+10.5%) and positive jaws
effect
- Q3/Q3
cost/income ratio improvement at
52.9%3
9 months - adjusted net
income1, 2 at
€1,005m, up +10.4% 9M/9M
Earnings per share2: €1.65 for Q3, €4.91 for 9M |
|
|
|
|
Record AuM
& dynamic MLT
inflows5 |
|
Record assets under
management3: €2,192bn at 30
September 2024, up +11% year-on-year
Q3 net inflows3 of +€2.9bn, or
+€14.5bn excluding the exit from a large,
low-income institutional mandate4
- +€9.1bn in MLT
assets4,5,6
- Solid commercial
momentum of Asian JVs: +€5.3bn
|
|
|
|
|
|
Continued strategic progress |
|
ETFs6: +€8bn in Q3 net
inflows, now more than €250bn in assets under management
Third-party distribution: +€7bn
Q3 net inflows, with contribution from all regions and asset
classes
Asia: +€7bn in Q3 net inflows, from JVs and direct
distribution in Japan, Singapore, Hong Kong, Taiwan and China
Technology: revenues +42% Q3/Q3
Victory Capital: approval7 of the
partnership with Amundi secured at EGM, transaction expected to
close in Q1 2025 |
Paris, 30 October 2024
Amundi's Board of Directors met on 29 October
2024 under the chairmanship of Philippe Brassac, and reviewed the
financial statements for the third quarter and the first 9 months
of 2024.
Valérie Baudson, Chief Executive
Officer, said:
« Amundi's results in the third quarter of 2024 demonstrate our
ongoing strategic progress and continued growth potential. Our Q3
net
profit1,2
of €337m, increased by +16% compared to the same period in 2023
and exceeded one billion euros over 9 months. Assets under
management reached a record level of €2.2 trillion.
We have been able to support our clients
whatever their profile and needs, which has resulted in a high
level of net inflows in our strategic development areas, namely
Asia, Third-Party Distributors, and ETFs.
By putting clients at the heart of our
strategy and by continuing to develop the areas of expertise that
primarily seek to meet their needs, we are ideally positioned to
seize growth opportunities in the savings industry. »
* * * * *
Further progress in achieving our 2025
Ambitions plan
Q3 2024 saw key areas of focus under the "2025
Strategic Ambitions" plan contribute to activity and earnings
growth.
-
ETFs exceeded €250bn in assets under management at
the end of September, up +31% year-on-year, thanks in particular to
very dynamic net inflows reaching +€17bn over 9 months, including
+€8bn in Q3. This places Amundi in second place in the European
market in terms of net inflows this quarter8. these
inflows are well diversified across equity and fixed income
products, with a high share of products classified as responsible
investment9 in net inflows (+€3bn, or 34% market share
in flows in this market segment). Amundi has had many commercial
successes this quarter: for example, the Amundi ETF Stoxx Europe
600 is the best-selling (+€0.85bn) European equity ETFs in Q3, the
Amundi ETF Euro Government Tilted Green Bond, launched last year,
saw its assets under management exceed €3bn after gathering +€1.1bn
since the beginning of the year, and the Amundi ETF Prime ACWI
exceeded €1bn in assets under management 8 months after its
launch.
- Third-Party
Distribution reached €377bn in assets under management at
the end of September, up +24% year-on-year, with net inflows +€19bn
for 9 months 2024, and +€7bn in Q3, thanks to contributions from
all regions and asset classes, from ETFs, treasury products and
active management;
-
Asia assets under management increased by +17%
year-on-year to €458bn; net inflows for 9 months 2024 stood at
+€30bn with a significant contribution from Amundi’s Indian JV SBI
MF, which now has €278bn in assets, up +19% year-on-year (+€18bn in
net inflows); €103bn of total Asian assets under management come
from direct distribution excluding JVs (+20% year-on-year), with
net inflows for 9 months 2024 standing at +€3bn in Japan, +€2.4bn
Singapore, +€1.4bn Hong Kong and also +€1.7bn in China outside the
two JVs, mainly with institutional clients;
- The
Technology & Services
offering is also experiencing strong growth, with
technology revenues of €54m over 9 months, up +28% compared to the
same period in 2023, and even +42% Q3/Q3; the Fund
Channel fund distribution platform exceeded €490bn in
assets at the end of September 2024; during the quarter it signed a
distribution agreement with ING Germany and integrated the fintech
AirFund into its ecosystem to digitise access to private markets;
Fund Channel was also ranked "Best Distribution Platform" for the
third consecutive year by the consulting and research firm
Platforum;
- In fixed
income expertise, Amundi now manages
€1,160bn in assets10 across a wide range of solutions,
from treasury products to target maturity funds, offering
attractive returns and capital protection; fixed income net inflows
stood at +€46bn10 over 9 months and +€14bn10
in Q3 thanks to sustained activity in active bond strategies
(+€11bn excluding JV) and ETFs (+€2.5bn);
- The partnership
project with Victory Capital reached an important
milestone with shareholder approval of resolutions7
necessary to finalise the transactions, expected in Q1 2025. As a
reminder, this partnership aims at creating a larger US investment
platform, via the contribution of Amundi US to Victory Capital in
return for Amundi taking a 26%-stake of the combined entity as well
as 15-year distribution agreements, to serve the clients of both
companies; Amundi would thus have a greater number of US and global
management expertise to offer its clients. The transaction, which
involves no disbursement of cash, is expected to bring a low
single-digit accretion for Amundi shareholders, with an increase in
the contribution of our US operations to the adjusted net income
and EPS.
Activity
Market environment
In the third quarter of 2024, equity
markets11 increased by +1.1%
in average compared to the previous quarter and by +15.6% compared
to Q3 2023. The European bond
markets12 also rose,
reflecting the shift in monetary policy and the ECB's decision to
cut rates. Year-on-year, our benchmark index12 increased
by +6.3% in Q3 2024 compared to Q3 2023 and by +2.1% compared to Q2
2024. The market effect is therefore positive on the evolution of
Amundi's revenues and net income.
When compared to the 2021 averages used as a
reference for the 2025 Ambitions plan, the market effect is only
slightly positive.
The European asset
management market continues its gradual
recovery. Open-ended fund volumes13, at +€213bn in
the third quarter, continued to be driven by treasury products
(+€93bn) and passive management (+€75bn). Nevertheless, the third
quarter recorded positive flows in medium- to long-term active
management for the second quarter in a row (+€45bn), driven by
fixed income strategies (+€69bn).
High level of activity over the quarter
in MLT assets5, assets
under management at a record level of €2.2tn
Activity this quarter continues to be marked,
like the rest of the European market, by risk aversion among retail
clients. However, Amundi performed well, driven in
particular by ETFs, bond solutions, third-party distributors and
Asia. Excluding the exceptional exit from a low-income insurance
mandate4, net inflows were
positive in all major medium- to long-term
areas of expertise (passive, active, structured products
and real assets), in all client segments (Retail,
Institutional and JV), and in all major markets
(France, Italy, Germany, Asia and the United States).
Amundi's assets under management at 30
September 2024 increased by +11.1%
year-on-year (compared to the end of September 2023) and by
+1.6% quarter-on-quarter (compared to the end of
June 2024), to €2,192bn, an all-time high.
In the third quarter of 2024, the market and
currency effect amounted to +€32.5bn (+€175.9bn over a year) and
Amundi generated positive net inflows of +€2.9bn.
As announced at the time of the second quarter results publication,
this amount includes the exit of a low-income multi-asset
mandate4 with a European insurer, of €11.6bn.
Adjusted for this exit4, net inflows
for the quarter were +€14.4bn of which
+€9.1bn in MLT
Assets5. It was positive in active management
(+€4.3bn) and ETFs (+€7.8bn), partially offset by outflows from
index strategies. Structured products and real and alternative
assets also recorded positive net inflows (+€0.8bn), while treasury
products were flat (+€0.1bn).
Finally, the
JVs14 continued their
solid commercial momentum, with net inflows of +€5.3bn,
reflecting a positive contribution from India (SBI MF, +€6.0bn) and
South Korea (NH-Amundi, +€0.4bn), partially offset this quarter by
slight net outflows in China (ABC-CA) despite continued open-ended
net inflows.
By Client Segment, Retail
recorded net inflows of +€6.3bn, of which
+€1.3bn in MLT
assets5, with contrasting
developments according to the sub-segments:
- Third-Party
Distributors had another very good quarter in terms of
total net inflows (+€6.8bn); all regions contributed to these
inflows, which were highly diversified across asset classes, with
positive contributions from ETFs, treasury products but also active
management (+€1.5bn);
- Risk aversion has a
larger impact on the activity of partner network clients in
France (+€1.1bn) and outside France excluding
Amundi BOC WM (-€0.9bn), despite the good performance of
structured and treasury products as well as bond strategies;
Sabadell's network in Spain continues its sales momentum
(+€0.4bn);
- In China,
Amundi BOC WM posted net outflows this quarter (-€0.7bn),
as the maturities of fixed-term funds were not offset by open-ended
fund subscriptions.
Excluding the loss of the low-income insurance
mandate already mentioned4, the Institutional
segment recorded very positive inflows in MLT
Assets5 (+€7.8bn), in all
sub-segments: Institutional & Sovereigns with
+€4.4bn, CA & SG insurance mandates with
+€2.4bn thanks to the continued recovery of the traditional life
insurance Euro contracts this quarter, Corporates and
Employee Savings (+€1.0bn) thanks to net inflows in
short-term bond products from corporates. Net outflows in
Treasury Products (-€4.9bn) are
to a large extent seasonal.
Results
Sustained growth in net income, +16%
Q3/Q3 to €337m, and more than €1bn in the 9 months of
2024
Adjusted
data2
In the third quarter of 2024, adjusted
net income2 reached €337m, up
+16.1% compared to the third quarter of 2023. Since the second
quarter, it includes Alpha Associates, whose acquisition was
finalised in early April.
The growth in net income was
mainly due to organic revenue growth, amplified by
operating efficiency, which led to a positive jaws
effect, and by the very strong momentum of Asian
JVs. These results were achieved against the backdrop of
continued client risk aversion, and inflation.
Adjusted net
revenues2 reached €862m, up
+10.5% compared to the third quarter of 2023.
- The sustained
growth in net management fees, up +9.2% compared
to the third quarter of 2023, to €805m, reflects the good level of
activity and the increase in average assets under management
excluding JVs (+8.6% over the same period);
- Performance
fees (€20m) doubled compared to the third quarter of 2023
(€10m), a low basis of comparison; however, they were down compared
to the second quarter of 2024 (€50m) due to the lower level of
crystallisation15 in the third quarter than in the
second and fourth quarters, as it does every year; however, the
performance of Amundi's management is at a good level, with more
than 71% of assets under management ranked in the first or second
quartiles according to Morningstar16 over 1, 3 or 5
years and 257 Amundi funds rated 4 or 5 stars by Morningstar as of
30 September;
- Amundi
Technology's revenues, at €20m, continued to grow steadily
(+41.8% compared to the third quarter of 2023; +13.0% compared to
the second quarter of 2024), confirming the development of this
business;
-
Finally, the Financial and other
income2 amounted to €17m, down slightly
compared to the third quarter of 2023 and previous quarters.
The increase in operating
expenses2, by +7.4% compared to the third
quarter of 2023, to €456m, remains lower than the increase in
revenues (+10.5%) over the same period, thus generating a
positive jaws effect which reflects the Group's
operational efficiency.
The increase is mainly due to:
- the first
consolidation of Alpha Associates;
- the provision for
individual variable remuneration in line with the increase in
results;
- and finally the
acceleration of investments in development initiatives according to
the axes of the 2025 Ambitions Plan, particularly in
technology.
The Cost income ratio improved
to 52.9% in adjusted data2 compared to
the same quarter last year, and remains in line with the
2025 target and at the best level in the industry.
The Adjusted gross operating
income2 (EBIT) amounted to
€406m, up +14.2% compared to the third
quarter of 2023, reflecting double-digit revenue growth amplified
by operational efficiency.
Income from equity-accounted
companies, which reflects Amundi's share of the net income
of minority JVs in India (SBI MF), China (ABC-CA), South Korea
(NH-Amundi) and Morocco (Wafa Gestion), was up
+36.5% compared to the third quarter of 2023, to
€33m, representing 10% of adjusted net income, reflecting
the good level of activity in India and Korea.
Adjusted earnings per
share2 in the third quarter of
2024 reached €1.65, up
+16.0%.
Accounting data in the third quarter
of 2024
Accounting Net income Group share amounted to
€320m and includes non-cash charges related to
acquisitions, in particular the amortisation of intangible assets
related to distribution and client contracts (-€24m before tax in
the quarter including the corresponding new charges related to
Alpha Associates, see details in p. 11), representing a total of
-€17m after tax.
Accounting earnings per share in the
third quarter of 2024 reached €1.56.
In the first 9 months of 2024,
adjusted net income2 amounted
to €1,005m, up +10.4%, reflecting the
same trends as in the third quarter:
- Adjusted
net revenues2 grew by +7.3% compared to the
first 9 months of 2023, to €2,573m, reflecting as in the quarter
the sustained growth in management fees (+6.6%) and the strong
increase in Amundi Technology's revenues (€54m, +28.2%) and
financial and other income2 (€67m, +38.2%); performance
fees, on the other hand, were down by -2.0% to €88m;
- Adjusted
operating expenses2 are well controlled with an
increase of +5.9% compared to the first 9 months of 2023, at
€1,356m, resulting in a positive jaws effect;
- Adjusted
cost income ratio2 stands at
52.7%.
Adjusted gross operating
income2 was €1,217m, up
+8,9% compared to the first 9 months of 2023,
showing a higher growth rate than revenue growth thanks to
operating efficiency.
Income from equity-accounted
companies increased by +28.6% compared to
the first 9 months of 2023, to €94m.
Adjusted earnings per
share2 for the first 9 months of
2024 reached €4.91, up +10.1% compared to
the first 9 months of 2023.
Accounting data for the first 9
months of 2024
Accounting Net income Group share amounted to
€956m and includes non-cash charges related to
acquisitions, in particular the amortisation of intangible assets
related to distribution and client contracts (-€68m before tax in
the 9 months including the corresponding new charges related to
Alpha Associates, see details on p. 11), representing a total of
-€49m after tax in the first 9 months of 2024.
Accounting earnings per share for the
first 9 months of 2024 reached €4.67.
To be noted for the fourth quarter and
full-year 2024
Success of the capital increase reserved
for employees - The capital increase reserved for
employees "We Share Amundi", announced on 23 September 2024, is
expected to be completed tomorrow, 31 October 2024. This operation
offered for the seventh consecutive year a subscription of shares
at a discount.
It was once again a great success this year:
more than 2,000 employees in 15 countries subscribed to this
capital increase, for a total amount of €36.3m. This represents
nearly two out of three employees in France and more than two out
of five
worldwide.
This transaction, which is in line with the existing legal
authorisations voted by the Shareholders' Meeting on 12 May 2023,
reflects Amundi's desire to involve its employees not only in the
development of the Company but also in the creation of economic
value.
The impact of this transaction on earnings per
share will be very limited: the number of shares to be created will
be 771,628 (i.e. ~0.4% of the share capital before the
transaction).
This issue will bring the number of shares making up Amundi's share
capital to 205,419,262 as of 31 October 2024, i.e. a share capital
increased to
€513,548,155.
Employees will now hold around 1.7% of Amundi's capital, compared
to 1.3% before the transaction. In the fourth quarter of 2024, the
Amundi Group will record in its consolidated financial statements a
charge relating to the subscription discount of €12.3m before
tax.
On the basis of the Finance Bill presented by
the French government, an exceptional tax contribution on
the profits of large companies would apply to Amundi,
whose turnover in France for tax purposes is more than €3bn.
* * * * *
APPENDICES
Adjusted income
statement2 of the
first 9 months of 2024 and 2023
|
(€m) |
|
9M 2024 |
9M 2023 |
% chg.
9M/9M |
| |
|
|
|
|
|
Net revenue - Adjusted |
|
2,573 |
2,397 |
+7.3% |
|
Management fees |
|
2,364 |
2,217 |
+6.6% |
|
Performance fees |
|
88 |
89 |
-2.0% |
|
Technology |
|
54 |
42 |
+28.2% |
|
Net financial & other net income |
|
67 |
49 |
+38.2% |
|
Operating expenses - Adjusted |
|
(1,356) |
(1,280) |
+5.9% |
|
Cost income ratio - Adjusted (%) |
|
52.7% |
53.4% |
-0.7pp |
|
Gross operating income - Adjusted |
|
1,217, |
1,117, |
+8.9% |
|
Cost of risk & other |
|
(7) |
(5) |
+24.5% |
|
Equity-accounted companies |
|
94 |
73 |
+28.6% |
|
Income before tax - Adjusted |
|
1,305 |
1,185 |
+10.1% |
|
Corporate tax |
|
(302) |
(277) |
+8.8% |
|
Non-controlling interests |
|
2 |
3 |
-25.2% |
|
Net income, Group share - Adjusted |
|
1,005 |
910 |
+10.4% |
|
Depreciation of intangible assets after tax |
|
(49) |
(44) |
+11.6% |
|
Integration costs net of tax |
|
0 |
0 |
NS |
|
Net income, Group share |
|
956 |
866 |
+10.3% |
|
Earnings per share (€) |
|
4.67 |
4.25 |
+10.0% |
|
Earnings per share - Adjusted (€) |
|
4.91 |
4.46 |
+10.1% |
Adjusted income
statement2 of the
third quarter of 2024
|
(€m) |
|
Q3 2024 |
Q3 2023 |
% chg.
Q3/Q3 |
|
Q2 2024 |
% chg.
Q3/Q2 |
| |
|
|
|
|
|
|
|
|
Net revenue - Adjusted |
|
862 |
780 |
+10.5% |
|
887 |
-2.9% |
|
Management fees |
|
805 |
737 |
+9.2% |
|
794 |
+1.3% |
|
Performance fees |
|
20 |
10 |
+97.3% |
|
50 |
-58.9% |
|
Technology |
|
20 |
14 |
+41.8% |
|
17 |
+13.0% |
|
Net financial & other net income |
|
17 |
19 |
-10.6% |
|
26 |
-34.0% |
|
Operating expenses - Adjusted |
|
(456) |
(424) |
+7.4% |
|
(461) |
-1.1% |
|
Cost income ratio - Adjusted (%) |
|
52.9% |
54.4% |
-1.5pp |
|
51.9% |
+1.0pp |
|
Gross operating income - Adjusted |
|
406 |
356 |
+14.2% |
|
426 |
-4.8% |
|
Cost of risk & other |
|
(2) |
(3) |
-36.0% |
|
(5) |
-63.4% |
|
Equity-accounted companies |
|
33 |
24 |
+36.5% |
|
33 |
-0.1% |
|
Income before tax - Adjusted |
|
437 |
377 |
+15.9% |
|
454 |
-3.9% |
|
Corporate tax |
|
(101) |
(88) |
+14.9% |
|
(105) |
-3.8% |
|
Non-controlling interests |
|
1 |
1 |
-23.5% |
|
0 |
NS |
|
Net income, Group share - Adjusted |
|
337 |
290 |
+16.1% |
|
350 |
-3.7% |
|
Depreciation of intangible assets after tax |
|
(17) |
(15) |
+17.9% |
|
(17) |
+1.2% |
|
Integration costs net of tax |
|
0 |
0 |
NS |
|
0 |
NS |
|
Net income, Group share |
|
320 |
276 |
+16.0% |
|
333 |
-4.0% |
|
Earnings per share (€) |
|
1.56 |
1.35 |
+15.9% |
|
1.63 |
-4.0% |
|
Earnings per share - Adjusted (€) |
|
1.65 |
1.42 |
+16.0% |
|
1.71 |
-3.7% |
Evolution of assets under management
from the end of 2020 to the end of September
202417
|
(€bn) |
Assets under management |
Net
inflows |
Market &
Forex Effect |
Scope effect |
|
Change in AuM
vs. previous quarter |
|
As of 31/12/2020 |
1,729 |
|
|
|
/ |
+4.0% |
|
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
|
As of 31/03/2021 |
1,755 |
|
|
|
/ |
+1.5% |
|
Q2 2021 |
|
+7.2 |
+31.4 |
|
/ |
|
|
As of 30/06/2021 |
1,794 |
|
|
|
/ |
+2.2% |
|
Q3 2021 |
|
+0.2 |
+17.0 |
|
/ |
|
|
As of 30/09/2021 |
1,811 |
|
|
|
/ |
+1.0% |
|
Q4 2021 |
|
+65.6 |
+39.1 |
|
+14818 |
|
|
As of 31/12/2021 |
2,064 |
|
|
|
/ |
+14% |
|
Q1 2022 |
|
+3.2 |
-46.4 |
|
/ |
|
|
As of 31/03/2022 |
2,021 |
|
|
|
/ |
-2.1% |
|
Q2 2022 |
|
+1.8 |
-97.75 |
|
/ |
|
|
As of 30/06/2022 |
1,925 |
|
|
|
/ |
-4.8% |
|
Q3 2022 |
|
-12.9 |
-16.3 |
|
/ |
|
|
As of 30/09/2022 |
1,895 |
|
|
|
/ |
-1.6% |
|
Q4 2022 |
|
+15.0 |
-6.2 |
|
/ |
|
|
As of 31/12/2022 |
1,904 |
|
|
|
/ |
+0.5% |
|
Q1 2023 |
|
-11.1 |
+40.9 |
|
/ |
|
|
As of 31/03/2023 |
1,934 |
|
|
|
/ |
+1.6% |
|
Q2 2023 |
|
+3.7 |
+23.8 |
|
/ |
|
|
As of 31/06/2023 |
1,961 |
|
|
|
/ |
+1.4% |
|
Q3 2023 |
|
+13.7 |
-1.7 |
|
/ |
|
|
As of 30/09/2023 |
1,973 |
|
|
|
/ |
+0.6% |
|
Q4 2023 |
|
+19.5 |
+63.8 |
|
-20 |
|
|
As of 31/12/2023 |
2,037 |
|
|
|
/ |
+3.2% |
|
Q1 2024 |
|
+16.6 |
+63.0 |
|
/ |
|
|
As of 31/03/2024 |
2,116 |
|
|
|
/ |
+3.9% |
|
Q2 2024 |
|
+15.5 |
+16.6 |
|
+8 |
|
|
30/06/2024 |
2,156 |
|
|
|
|
+1.9% |
|
Q3 2024 |
|
+2.9 |
+32.5 |
|
/ |
|
|
30/09/2024 |
2,192 |
|
|
|
|
+1.6% |
Total over one year between September 30,
2023 and September 30, 2024: +11.1%
- Net inflows
+€54.5bn
- Market & exchange rate
effects +€175.9bn
- Scope
effects -€12.2bn
(disposal of Lyxor Inc. in Q4 2023, first consolidation of
Alpha Associates in Q2 2024)
Details of assets under management and
net inflows by client
segments19
|
(€bn) |
AuM
30.09.2024 |
AuM
30.09.2023 |
% change /30.09.2023 |
Net flows
Q3 2024 |
Net flows
Q3 2023 |
Net flows
9M 2024 |
Net flows
9M 2023 |
|
French networks |
138 |
126 |
+9.1% |
+1.1 |
+0.9 |
+0.3 |
+4.6 |
|
International networks |
167 |
156 |
+7.1% |
-1.6 |
-1.0 |
-4.4 |
-3.2 |
|
o/w Amundi BOC WM |
3 |
4 |
-26.9% |
-0.7 |
-0.5 |
-0.5 |
-3.3 |
|
Third-party distributors |
377 |
305 |
+23.5% |
+6.8 |
+2.1 |
+19.2 |
+4.1 |
|
Retail |
681 |
587 |
+16.1% |
+6.3 |
+2.0 |
+15.1 |
+5.6 |
|
Institutional & Sovereigns (*) |
518 |
489 |
+6.0% |
-9.3 |
+17.9 |
+1.4 |
+14.4 |
|
Corporates |
113 |
97 |
+16.0% |
+2.3 |
-3.8 |
-5.8 |
-7.4 |
|
Employee savings plans |
92 |
84 |
+9.8% |
-0.5 |
-0.9 |
+2.5 |
+2.6 |
|
CA & SG insurers |
428 |
406 |
+5.3% |
-1.2 |
-3.9 |
+0.5 |
-9.6 |
|
Institutional |
1,151 |
1,076 |
+6.9% |
-8.7 |
+9.3 |
-1.4 |
+0.0 |
|
JVs |
360 |
310 |
+16.0% |
+5.3 |
+2.4 |
+21.3 |
+0.7 |
|
Total |
2,192 |
1,973 |
+11.1% |
+2.9 |
+13.7 |
+35.0 |
+6.3 |
Details of assets under management and
net inflows by asset
classes19
|
(€bn) |
AuM
30.09.2024 |
AuM
30.09.2023 |
% change /30.09.2023 |
Net flows
Q3 2024 |
Net flows
Q3 2023 |
Net flows
9M 2024 |
Net flows
9M 2023 |
|
Equity |
527 |
443 |
+18.9% |
-0.7 |
+7.0 |
+0.0 |
+2.0 |
|
Multi-assets |
274 |
274 |
-0.0% |
-15.4 |
-5.9 |
-22.3 |
-17.0 |
|
Bonds |
732 |
624 |
+17.3% |
+12.8 |
+7.7 |
+36.8 |
+10.1 |
|
Real, alternative & structured assets |
114 |
124 |
-8.3% |
+0.8 |
-1.1 |
+1.5 |
+2.4 |
|
MLT ASSETS excl. JVs |
1,647 |
1,465 |
+12.4% |
-2.5 |
+7.8 |
+16.1 |
-2.4 |
|
Treasury products excl. JVs |
185 |
198 |
-6.5% |
+0.1 |
+3.5 |
-2.4 |
+8.0 |
|
Assets excl. JVs |
1,832 |
1,663 |
+10.1% |
-2.4 |
+11.3 |
+13.6 |
+5.6 |
|
JVs |
360 |
310 |
+16.0% |
+5.3 |
+2.4 |
+21.3 |
+0.7 |
|
TOTAL |
2,192 |
1,973 |
+11.1% |
+2.9 |
+13.7 |
+35.0 |
+6.3 |
|
o/w MLT assets |
1,973 |
1,745 |
+13.1% |
+3.4 |
+11.3 |
+34.9 |
-0.7 |
|
o/w Treasury products |
219 |
229 |
-4.2% |
-0.5 |
+2.5 |
+0.1 |
+7.1 |
Details of assets under management and
net inflows by management type and asset
classes19
|
(€bn) |
AuM
30.09.2024 |
AuM
30.09.2023 |
% change /30.09.2023 |
Net flows
Q3 2024 |
Net flows
Q3 2023 |
Net flows
9M 2024 |
Net flows
9M 2023 |
|
Active management |
1,136 |
1,022 |
+11.1% |
-7.1 |
-1.9 |
+2.2 |
-15.6 |
|
Equity |
208 |
187 |
+11.4% |
-2.3 |
-1.6 |
-5.4 |
-2.5 |
|
Multi-assets |
263 |
265 |
-0.9% |
-15.7 |
-6.3 |
-23.4 |
-18.2 |
|
Bonds |
665 |
570 |
+16.6% |
+10.8 |
+6.1 |
+31.0 |
+5.1 |
|
Structured products |
43 |
35 |
+22.3% |
+0.8 |
-0.2 |
+2.7 |
+2.9 |
|
Passive management |
397 |
319 |
+24.5% |
+3.8 |
+10.8 |
+12.4 |
+10.8 |
|
ETFs & ETC |
251 |
192 |
+31.1% |
+7.8 |
+3.6 |
+17.3 |
+8.0 |
|
Index & Smart Beta |
146 |
127 |
+14.5% |
-4.0 |
+7.2 |
-5.0 |
+2.8 |
|
Real & alternative assets |
71 |
89 |
-20.5% |
+0.0 |
-0.9 |
-1.2 |
-0.5 |
|
Real assets |
67 |
63 |
+4.8% |
+0.2 |
-0.3 |
-0.1 |
+0.2 |
|
Alternative assets |
4 |
25 |
-83.8% |
-0.2 |
-0.6 |
-1.1 |
-0.7 |
|
MLT ASSETS excl. JVs |
1,647 |
1,465 |
+12.4% |
-2.5 |
+7.8 |
+16.1 |
-2.4 |
|
Treasury products excl. JVs |
185 |
198 |
-6.5% |
+0.1 |
+3.5 |
-2.4 |
+8.0 |
|
TOTAL ASSETS excl. JVs |
1,832 |
1,663 |
+10.1% |
-2.4 |
+11.3 |
+13.6 |
+5.6 |
|
JVs |
360 |
310 |
+16.0% |
+5.3 |
+2.4 |
+21.3 |
+0.7 |
|
TOTAL |
2,192 |
1,973 |
+11.1% |
+2.9 |
+13.7 |
+35.0 |
+6.3 |
Details of assets under management and
net inflows by geographical
areas19
|
(€bn) |
AuM
30.09.2024 |
AuM
30.09.2023 |
% change /30.09.2023 |
Net flows
Q3 2024 |
Net flows
Q3 2023 |
Net flows
9M 2024 |
Net flows
9M 2023 |
|
France |
987 |
903 |
+9.3% |
+2.8 |
+4.1 |
+12.8 |
-1.2 |
|
Italy |
202 |
197 |
+2.7% |
-10.8 |
-1.5 |
-13.8 |
-2.2 |
|
Europe excl. France & Italy |
421 |
353 |
+19.2% |
+1.9 |
-0.8 |
+6.0 |
+6.0 |
|
Asia |
458 |
392 |
+17.0% |
+7.4 |
+3.4 |
+29.6 |
-0.3 |
|
Rest of the world |
124 |
129 |
-4.3% |
+1.7 |
+8.4 |
+0.4 |
+4.0 |
|
TOTAL |
2,192 |
1,973 |
+11.1% |
+2.9 |
+13.7 |
+35.0 |
+6.3 |
|
TOTAL outside France |
1,204 |
1,070 |
+12.5% |
+0.1 |
+9.6 |
+22.2 |
+7.5 |
Methodology Appendix
Accounting & adjusted
data
Accounting data - These include
the amortization of intangible assets, recorded as other income,
and since Q2 2024, other non-cash expenses spread according to the
schedule of payments of the earn-out until the end of 2029; these
expenses are recognized as deductions from net income, in finance
costs.
The aggregate amounts of these items are as
follows for the different periods under review:
- Q1
2023: -€20m before tax and -€15m after tax
- Q2
2023: -€20m before tax and -€15m after tax
- Q3
2023: -€20m before tax and -€15m after tax
- 9M
2023: -€61m before tax and -€44m after tax
-
2023: -€82m before tax and -€59m after tax
- Q1
2024: -€20m before tax and -€15m after tax
- Q2
2024: -€24m before tax and -€17m after tax
- Q3
2024: -€24m pre-tax and -€17m after tax
- 9M
2024: -€68m before tax and -€49m after tax
There were no significant integration costs
recorded in the third quarter as a result of the acquisition of
Alpha Associates
Adjusted data - in order to
present an income statement closer to economic reality, the
following adjustments are made: restatement of the amortization of
distribution contracts with Bawag, UniCredit and Banco Sabadell,
intangible assets representing the client contracts of Lyxor and,
since the second quarter of 2024, Alpha Associates, as well as
other non-cash charges related to the acquisition of Alpha
Associates; such depreciation and amortization and non-cash
expenses are recorded as a deduction from net revenues.
Acquisition of Alpha
Associates
In accordance with IFRS 3, recognition of
Amundi's balance sheet as at 01/04/2024:
- goodwill of
€290m;
- an intangible asset
of €50m representing client contracts, depreciable on a
straight-line basis until the end of 2030;
- a liability
representing the conditional earn-out not yet paid, for €160m,
including an actuarial discount of -€30m, which will be amortized
over 6 years.
In the Group's income statement, the following
is recorded:
- amortization of
intangible assets for a full-year expense of -€7.6m (-€6.1m after
tax)
- other non-cash
expenses spread according to the schedule of payments of the
earn-out until the end of 2029; These expenses are recorded as
deductions from net income, as finance costs.
In Q3 2024, the amortization of
intangible assets was -€1.9m before tax (-€1.5m after tax) and
non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax).
Over the first 9 months of 2024, these expenses
are respectively -€3.8m and -€2.9m (-€6.6m in total), since they
only started in Q2.
Alternative Performance
Measures20
In order to present an income statement that is
closer to economic reality, Amundi publishes adjusted data that
excludes the depreciation of intangible assets and, since the
second quarter of 2024, Alpha Associates, as well as other non-cash
charges related to the acquisition of Alpha Associates.
Adjusted, normalized data are reconciled with accounting data as
follows:
|
(m€) |
|
9M 2024 |
9M 2023 |
|
Q3 2024 |
Q3 2023 |
|
Q2 2024 |
| |
|
|
|
|
|
|
|
|
|
Net operating income |
|
2,452 |
2,307 |
|
825 |
747 |
|
844 |
|
Technology |
|
54 |
42 |
|
20 |
14 |
|
17 |
|
Net financial income and other income |
|
(1) |
(13) |
|
(6) |
(1) |
|
3 |
|
Adjusted net financial income and other income |
|
67 |
49 |
|
17 |
19 |
|
26 |
| |
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
2,505 |
2,336 |
|
838 |
760, |
|
864, |
|
- Depreciation of intangible assets before tax |
|
(65) |
(61) |
|
(22) |
(20) |
|
(22) |
|
- other non-cash charges relating to Alpha Associates |
|
(3) |
0 |
|
(1) |
0 |
|
(1) |
|
Net revenues - Adjusted (b) |
|
2,573 |
2,397 |
|
862, |
780, |
|
887 |
| |
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
(1,356) |
(1,280) |
|
(456) |
(424) |
|
(461) |
|
- Integration costs before tax |
|
0 |
0 |
|
0 |
0 |
|
0 |
|
Operating expenses - Adjusted (d) |
|
(1,356) |
(1,280) |
|
(456) |
(424) |
|
(461) |
| |
|
|
|
|
|
|
|
|
|
Gross operating income (e) = (a) + (c) |
|
1,149 |
1,056 |
|
382 |
335 |
|
403 |
|
Gross operating income - Adjusted (f) = (b) +
(d) |
|
1,217 |
1,117 |
|
406 |
356 |
|
426 |
|
Cost-income ratio (%) -(c)/(a) |
|
54.1% |
54.8% |
|
54.4% |
55.9% |
|
53.4% |
|
Cost-income ratio - Adjusted (%) -(d)/(b) |
|
52.7% |
53.4% |
|
52.9% |
54.4% |
|
51.9% |
|
Cost of risk & other (g) |
|
(7) |
(5) |
|
(2) |
(3) |
|
(5) |
|
Equity-accounted companies (h) |
|
94 |
73 |
|
33 |
24 |
|
33 |
|
Income before tax (i) = (e) + (g) + (h) |
|
1,237 |
1,124 |
|
413 |
356 |
|
431 |
|
Income before tax - Adjusted (j) = (f) + (g) +
(h) |
|
1,305 |
1,185 |
|
437 |
377 |
|
454 |
|
Income tax (k) |
|
(283) |
(260) |
|
(94) |
(82) |
|
(98) |
|
Income tax - Adjusted (l) |
|
(302) |
(277) |
|
(101) |
(88) |
|
(105) |
|
Non-controlling interests (m) |
|
2 |
3 |
|
1 |
1 |
|
0 |
|
Net income, Group share (o) = (i)+(k)+(m) |
|
956 |
866 |
|
320 |
276 |
|
333 |
|
Net income, Group share - Adjusted (p) =
(j)+(l)+(m) |
|
1,005 |
910 |
|
337 |
290 |
|
350 |
| |
|
|
|
|
|
|
|
|
|
Earnings per share (€) |
|
4.67 |
4.25 |
|
1.56 |
1.35 |
|
1.63 |
|
Adjusted earnings per share (€) |
|
4.91 |
4.46 |
|
1.65 |
1.42 |
|
1.71 |
Shareholding
| |
|
30 September 2023 |
|
31 December 2023 |
|
30 September 2024 |
|
(units) |
|
Number
of shares |
% of share capital |
|
Number
of shares |
% of share capital |
|
Number
of shares |
% of share capital |
|
Crédit Agricole Group |
|
141,057,399 |
68.93% |
|
141,057,399 |
68.93% |
|
141,057,399 |
68.93% |
|
Employees |
|
3,042,292 |
1.49% |
|
2,918,391 |
1.43% |
|
2,751,891 |
1.34% |
|
Treasury shares |
|
1,297,231 |
0.63% |
|
1,247,998 |
0.61% |
|
958,031 |
0.47% |
|
Free float |
|
59,250,712 |
28.95% |
|
59,423,846 |
29.04% |
|
59,880,313 |
29.26% |
| |
|
|
|
|
|
|
|
|
|
|
Number of shares at end of period |
|
204,647,634 |
100.0% |
|
204,647,634 |
100.0% |
|
204,647,634 |
100.0% |
|
Average number of shares year-to-date |
|
204,050,516 |
- |
|
204,201,023 |
- |
|
204,647,634 |
- |
|
Average number of shares quarter-to-date |
|
204,425,079 |
- |
|
204,647,634 |
- |
|
204,647,634 |
- |
Average number of shares on a pro rata
basis.
- The average number
of shares is unchanged between Q2 and Q3 2024, it increased by
+0.1% between Q3 2023 and Q3 2024 and by +0.3% between the first 9
months of 2023 and the same period of 2024;
- A capital increase
reserved for employees will be carried out on October 31, 2024.
771,628 shares were created (approximately 0.4% of the share
capital before the transaction), bringing the share of employees to
about 1.7% of the capital, compared to 1.34% at September 30, 2024,
before the
transaction.
Financial communication
calendar
- Q4 and Full Year
2024 Results: February 4, 2025
- Q1 2025 earnings
release: April 29, 2025
- Annual General
Meeting: May 27, 2025
- Q2 and H1 2025
earnings release: July 29, 2025
- Q3 and 9-month 2025
results: October 28, 2025
About Amundi
Amundi, the leading European asset manager,
ranking among the top 10 global players21, 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 close to €2.2
trillion of assets22.
With its six international investment
hubs23, 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 5,500 employees in 35 countries.
Amundi, a trusted partner, working
every day in the interest of its clients and
society.
www.amundi.com
Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com
Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com
Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
Annabelle Wiriath
Tel. + 33 1 76 32 43 92
annabelle.wiriath@amundi.com
WARNING
This document does not constitute an offer or
invitation to sell or purchase, or any solicitation of any offer to
purchase or subscribe for, any securities of Amundi in the United
States of America or in France. Securities may not be offered,
subscribed or sold in the United States of America absent
registration under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), except pursuant to an exemption from, or in
a transaction not subject to, the registration requirements
thereof. The securities of Amundi have not been and will not be
registered under the U.S. Securities Act and Amundi does not intend
to make a public offer of its securities in the United States of
America or in France.
This document may contain forward looking
statements concerning Amundi's financial position and results. The
data provided do not constitute a profit “forecast” or “estimate”
as defined in Commission Delegated Regulation (EU)
2019/980.
These forward looking statements include
projections and financial estimates based on scenarios that employ
a number of economic assumptions in a given competitive and
regulatory context, assumptions regarding plans, objectives and
expectations in connection with future events, transactions,
products and services, and assumptions in terms of future
performance and synergies. By their very nature, they are therefore
subject to known and unknown risks and uncertainties, which could
lead to their non-fulfilment. Consequently, no assurance can be
given that these forward looking statement will come to fruition,
and Amundi’s actual financial position and results may differ
materially from those projected or implied in these forward looking
statements. [In particular, conditions to completion of the
announced transaction between Amundi and Victory Capital, may not
be satisfied and such transaction may not be completed on schedule,
or at all; risks relating to the expected benefits or impact of the
transaction on Victory Capital's and Amundi's respective businesses
are contained in their respective public filings.]
Amundi undertakes no obligation to publicly
revise or update any forward looking statements provided as at the
date of this document. Risks that may affect Amundi’s financial
position and results are further detailed in the “Risk Factors”
section of our Universal Registration Document filed with the
French Autorité des Marchés Financiers. The reader should take all
these uncertainties and risks into consideration before forming
their own opinion.
The figures presented were prepared in
accordance with applicable prudential regulations and IFRS
guidelines, as adopted by the European Union and applicable at that
date. The financial information set out herein do not constitute a
set of financial statements for an interim period as defined by IAS
34 “Interim Financial Reporting” and has not been audited.
Unless otherwise specified, sources for
rankings and market positions are internal. The information
contained in this document, to the extent that it relates to
parties other than Amundi or comes from external sources, has not
been verified by a supervisory authority or, more generally,
subject to independent verification, and no representation or
warranty has been expressed as to, nor should any reliance be
placed on, the fairness, accuracy, correctness or completeness of
the information or opinions contained herein. Neither Amundi nor
its representatives can be held liable for any decision made,
negligence or loss that may result from the use of this document or
its contents, or anything related to them, or any document or
information to which this document may refer.
The sum of values set out in the tables and
analyses may differ slightly from the total reported due to
rounding.
1
Net
income Group share
2
Adjusted
data: excluding amortisation of intangible assets
relating to distribution and client
contracts as well as other non-cash charges
relating to the acquisition of Alpha Associates
recorded in net financial income (see note p.
11)
3
Assets
under management and flows including assets under
advisory, marketed assets and funds of funds, and
taking into account 100% of Asian JV’s assets and
flows; for Wafa Gestion in Morocco, they
are reported in proportion to Amundi's
holding in the capital of the JV
4
As
announced at the time of the publication of the Q2 results, exit in
Q3 from a large low-income mandate (€11.6
billion) with a European insurer, in multi-asset; including this
exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9
months
5
Medium-Long
Term Assets
6
Excluding
JVs
7
Extraordinary
General Meeting of Shareholders of Victory Capital, held on
11 October 2024
8
Source:
TrackInsight Q3 2024
9
Classified
as article 8 or 9 of the SFDR regulation of the European
Union
10
Including
JV: €234bn in assets, +€12bn net inflows
over 9 months and +€1bn in Q3
11 50%
MSCI World + 50% Eurostoxx 600 composite index for equity markets,
average values over each period considered
12
Bloomberg
Euro Aggregate for bond markets, average values over each reporting
period
13
Source:
Morningstar FundFile, ETFGI. European & cross-border open-ended
funds (excluding mandates and dedicated funds). Data as of the end
of June 2024.
14
Assets
under management and flows including assets under
advisory, marketed assets and funds of funds, and
taking into account 100% of Asian JV’s assets and
flows; for Wafa Gestion in Morocco, they
are reported in proportion to Amundi's
holding in the capital of the JV
15
Anniversary
dates of the funds triggering the recognition of these
fees
16
Source:
Morningstar Direct, Broadridge FundFile - Open-ended funds and
ETFs, global fund scope, September 2024; as a percentage of the
assets under management of the funds in question; the number of
Amundi open-ended funds rated by Morningstar was 1063 at the end of
September 2024. © 2024 Morningstar, all rights reserved
17
Assets
under management and flows including assets under
advisory, marketed assets and funds of funds, and
taking into account 100% of Asian JV’s assets and
flows; for Wafa Gestion in Morocco, they
are reported in proportion to Amundi's
holding in the capital of the JV
18
Lyxor,
integrated as of 31/12/2021
19
Assets
under management and flows including assets under
advisory, marketed assets and funds of funds, and
taking into account 100% of Asian JV’s assets and
flows; for Wafa Gestion in Morocco, they
are reported in proportion to Amundi's
holding in the capital of the JV; as of
01/01/2024, reclassification of short-term bond strategies (€30
billion in outstandings) as Bonds previously classified as Treasury
until that date; Outstanding amounts up to that date have not been
reclassified in these tables
20
See
also the section 4.3 of the 2023 Universal
Registration Document filed with the AMF on April 18, 2024
21 Source: IPE "Top 500 Asset Managers"
published in June 2024, based on assets under management as at
31/12/2023
22 Amundi data at 30/09/2024
23 Boston, Dublin, London, Milan, Paris and
Tokyo
- Amundi PR results Q3&9M 2024
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