Amundi: Q1 2021 Results
Q1 2021 Results
Net income up sharply
(+50% vs. Q1 2020 and +7% vs. Q4
20201)
Robust inflows2
on MLT assets3
(+€9.8bn4), 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.”
I. Very
good first-quarter 2021 resultsNet income of
€309m5, up by +50%
vs. Q1 2020 and by +7%
vs. Q4 2020Sharp
improvement in net asset management
revenuesExcellent operational
efficiency
Amundi's quarterly net
income5 of €309m was the highest
since the company’s IPO. Growth in net income was very strong,
compared to both first-quarter 2020 (+50.1%) and fourth-quarter
2020 (+7.1%). This growth was due to a positive jaw effect between
sharply rising revenues and controlled costs.
Revenues benefit from improved market
conditions and business dynamics:
- Net asset
management fees were up significantly compared to both Q1
2020 (+5.1%) and Q4 2020 (+5.6%), partly due to the increase in the
equity market average (+11% Q1/Q1 and +10% Q1/Q4 for the EuroStoxx
Index) and partly to vigorous inflows in Retail and MLT assets for
several quarters. Also notable was a positive scope effect6 of €21m
compared to Q1 2020, mainly due the integration of Sabadell
AM.
- Performance
fees reached a record high (€111m vs. €42m in Q1 2020 and
€94m in Q4 2021), reflecting the bullish markets and good
investment performances.
- These improved
market conditions drove the positive change in net financial income
compared to Q1 2020, during which the abrupt market downturn
affected the voluntary investment portfolio and seed money.
Operating expenses were under
control (€376m). Their increase (+13.6% compared to Q1
2020 and +1.5% compared to Q4 2020) was driven by:
- increased
provisions for variable compensation, owing to growth in operating
income;
- the scope effect
compared to Q1 2020 (+€12m).
As a result
the cost/income
ratio5 was at a very good
level of 48.8%, vs. 54.1% in Q1 2020 and
50.7% in Q4 2020. The operating expenses to average AuM ratio
(excluding JVs) was 10.0 bp. These two ratios, the lowest in the
market, attest to Amundi's excellent
operational efficiency and its ability to grow while
controlling costs.
Given the buoyant activity of the
equity-accounted companies (mainly the Asian joint
ventures), their contribution to income increased to €18m vs. €14m
in Q1 2020.
II. High level of MLT and
Retail asset activityHigh
inflows7 of +€10bn in MLT assets,
driven by Retail in particular Assets under
management7 at €1,755bn, an
increase of +14.9% year-on-year.
Amundi’s assets under
management totalled €1,755bn at 31 March 2021, an increase of
+14.9% year-on-year and +1.5% vs. the end of December
2020.
The quarter was marked by robust inflows
in MLT assets (+€9.8bn excluding JVs), driven in
particular by Retail, and by outflows in treasury products
(-€18.6bn excluding JVs) after several consecutive quarters of
inflows, and in line with the prevailing European asset management
market trend.
In the JVs, activity was mixed: healthy inflows
in MLT assets, and outflows on Channel business in China, as
expected.
In total, net flows were -€12.7bn over the quarter:
- Retail: inflows
in MLT assets are continuing to
recover
Inflows were buoyant once again
in Medium/Long-Term
Assets (+€7.8bn), driven by all customer segments,
specifically third-party distributors (+€4.3bn, with both active
and passive management). In the French and international
networks, inflows remained robust, particularly in Italy and Spain
(Banco Sabadell).The new Chinese subsidiary Amundi BOC
Wealth Management had a good start to business activity in
its partner Bank of China's networks: +€0.9bn in inflows in three
months.
-
Institutionals: positive flows
in MLT assets and treasury product
outflows
This quarter was characterised by +€2.0bn in
inflows in MLT assets (vs. -€11.8bn outflow in Q1 2020) driven by
all institutional client segments. In Treasury products, outflows
totalled -€18.2bn after two consecutive quarters of high inflows
(+€34.7bn in H2 2020).
-
JVs: business activity
driven by MLT assets, outflows in
Channel Business in China, as
expected
The Indian JV continued its growth momentum with
high inflows (+€3.0bn in MLT assets), leading to a gain in market
share. In China (ABC network), activity was mixed, with Mutual Fund
flows still solid at +€2.1bn, and -€7.0bn of outflows, as expected,
from low-margin products (Channel Business) related to regulatory
changes, (vs. -€16.5bn in Q4).In total, inflows in JVs were
-€4.0bn, including +€3.0bn in MLT assets and -€7.0bn in Channel
Business.
Solid inflows
in MLT assets8
were driven by most
expertise:
- Active
management recorded high flows (+€5.9bn), driven mainly by
Multi-asset and Equities expertise; Fixed Income was affected by
the evolution of interest rates.
- The trend
in Real and Structured Assets continued, with inflows of
+€1.6bn in Q1 2021 (bringing AuM to more than €95bn at end-March
2021). Net inflows in Private Equity were particularly strong
(+€1.0bn, with AuM of €10bn at end-March 2021).
- Passive
management, ETFs and smart beta had a good first quarter with
+€2.3bn in net inflows, bringing AuM
to €171bn at end-March 2021. With inflows of
+€3.3bn in Q1 2021 in ETPs9, and total ETP assets
of €71bn at 31 March 2020, Amundi ranks as the fifth largest
provider in Europe10.
III. Responsible
Investing: confirmed leadership
Amundi continued to implement its ESG
action plan, thus confirming its leadership:
- As
announced, Amundi finalised its “100% ESG integration” approach in
Q1 2021: its ESG AuM now include all actively-managed
open-ended funds10 (over 830 funds) that incorporate an
environmental and social impact study of the companies they invest
in, with a better ESG performance target than the investment
universe.
As a result,
Amundi's ESG AuM
stood at €705bn at the end of March 2021, compared
to €378bn at the end of December 2020.
- Amundi is
the asset manager with the largest number of open-ended funds
classified under Articles 8 and 911
of the SFDR (Sustainable Financial Disclosure
Regulation), a new EU regulation that requires managers to classify
their European assets according to their degree of ESG integration.
Out of all the open-ended funds and mandates, over 650 products
representing over €450bn in assets under management are classified
under Articles 8 and 9.
Lastly, Amundi stepped up development on
its “Climate Change” solutions:
- €27bn in assets
managed through dedicated solutions to environmental and climate
issues, via a range of Passive and Active solutions on the equity
and bond markets.
- Launch of the “Just
Transition for Climate” fund, designed to finance a
socially-acceptable energy transition.
IV. Other
information
General Meeting and dividend
Due to the current Covid-19 pandemic and in
accordance with the provisions adopted by the Government, Amundi's
Ordinary and Extraordinary General Meeting will take place on 10
May 2021 at 9:30 a.m. without the physical presence of
shareholders.
However, the Board of Directors wished to
preserve the interests of the shareholders this year, and allow
them to attend and participate in the Meeting remotely in real time
via videoconference. Attendees will be able to vote remotely in
real time on the draft resolutions, and ask questions in writing or
orally during the open discussion period.
The change in governance announced on
10 February will take effect on the same day: Valérie Baudson
will become Chief Executive Officer of Amundi, and Yves Perrier
will become Chairman of the Board of Directors.
Dividend schedule
The Board of Directors will propose a cash
dividend of €2.90 per share at the General Meeting. This dividend
represents a payout ratio of 65% of the 2020 accounting net income
Group's share and a 4% yield based on the share price on 27 April
2021 (at market close).
- Detachment: 13 May
2021
- Payout: as from 17
May 2021
Financial disclosure schedule
- AGM for the 2020
financial year: 10 May 2021
- Publication of H1
2021 results: 30 July 2021
- Publication of 9M
2021 results: 4 November 2021
***
Income Statements
€m |
|
Q1 2021 |
|
Q4 2020 |
|
Chg. Q1/Q4 |
|
Q1 2020 |
|
Chg. Q1/Q1 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue |
|
770 |
|
730 |
|
5.5% |
|
612 |
|
25.8% |
Net asset management revenue |
|
775 |
|
722 |
|
7.3% |
|
673 |
|
15.1% |
o/w net management fees |
|
664 |
|
628 |
|
5.6% |
|
631 |
|
5.1% |
o/w performance fees |
|
111 |
|
94 |
|
18.4% |
|
42 |
|
X 2.6 |
Net financial income and other net income |
|
(5) |
|
7 |
|
NS |
|
(61) |
|
NS |
Operating expenses |
|
(376) |
|
(370) |
|
1.5% |
|
(331) |
|
13.6% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income |
|
394 |
|
360 |
|
9.6% |
|
281 |
|
40.3% |
Adjusted cost/income ratio |
|
48.8% |
|
50.7% |
|
-1.9 pts |
|
54.1% |
|
-5.3 pts |
Cost of risk & Other |
|
(2) |
|
(3) |
|
NS |
|
(13) |
|
NS |
Equity-accounted entities |
|
18 |
|
20 |
|
-12.7% |
|
14 |
|
28.3% |
Adjusted income before taxes |
|
410 |
|
377 |
|
8.7% |
|
282 |
|
45.4% |
Taxes |
|
(103) |
|
(92) |
|
12.7% |
|
(76) |
|
35.6% |
Minority interests |
|
2 |
|
3 |
|
- |
|
0 |
|
- |
Adjusted net income, Group share |
|
309 |
|
288 |
|
7.1% |
|
206 |
|
50.1% |
Amortisation of distribution contracts after tax |
|
(12) |
|
(13) |
|
-5.6% |
|
(13) |
|
-2.6% |
Net income, Group share |
|
297 |
|
275 |
|
7.7% |
|
193 |
|
53.5% |
Adjusted data: excluding amortisation of
distribution contracts.
Change in assets under
management1 from
end-December 2019 to end-March
2021
|
(€bn) |
AuM |
Net inflows |
Market and foreign exchange effect |
Scope effect |
|
Change in AuM vs.
previous quarter |
At 31/12/2019 |
1,653 |
|
|
|
|
+5.8% |
Q1 2020 |
|
-3.2 |
-122.7 |
|
/ |
|
At 31/03/2020 |
1,527 |
|
|
|
|
-7.6% |
Q2 2020 |
|
-0.8 |
+64.9 |
|
/ |
|
At 30/06/2020 |
1,592 |
|
|
|
|
+4.2% |
Q3 2020 |
|
+34.7 |
+15.2 |
|
+20.7 |
|
At 30/09/2020 |
1,662 |
|
|
|
|
+4.4% |
Q4 2020 |
|
+14.4 |
+52.1 |
|
/ |
|
At 31/12/2020 |
1,729 |
|
|
|
|
+4.0% |
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
At 31/03/2021 |
1,755 |
|
|
|
|
+1.5% |
1. 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.
Assets under management and net inflows
by client segment1
|
AuM |
AuM |
% chg vs.. |
Inflows |
Inflows |
Inflows |
(€bn) |
31.03.2021 |
31.03.2020 |
31.03.2020 |
Q1 2021 |
Q4 2020 |
Q1 2020 |
French networks |
121 |
100 |
+21.3% |
+0.4 |
+4.0 |
+2.4 |
International networks |
151 |
111 |
+36.4% |
+2.7 |
+1.5 |
-2.5 |
of which BOC |
1 |
0 |
/ |
+0.9 |
0 |
0 |
Third-party distributors |
196 |
174 |
+12.9% |
+4.3 |
+3.0 |
+2.6 |
Retail (excl. JVs) |
468 |
384 |
+21.9% |
+7.4 |
+8.5 |
+2.5 |
Institutionals2 and sovereigns |
413 |
342 |
+20.7% |
-10.7 |
+6.7 |
-5.4 |
Corporates |
89 |
65 |
+37.1% |
-6.7 |
+16.0 |
-10.2 |
Employee Savings |
71 |
56 |
+27.4% |
+0.0 |
+0.6 |
+0.1 |
CA & SG insurers |
466 |
448 |
+4.0% |
+1.1 |
-2.0 |
+0.1 |
Institutionals |
1,039 |
911 |
+14.0% |
-16.2 |
+21.3 |
-15.4 |
JVs |
248 |
232 |
+6.9% |
-4.03 |
-15.43 |
+9.7 |
|
|
|
|
|
|
|
TOTAL |
1,755 |
1,527 |
+14.9% |
-12.7 |
+14.4 |
-3.2 |
Average 2020 AuM (excl.
JVs) |
1,500 |
1,410 |
+6.4% |
/ |
/ |
/ |
1. 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. Including funds of funds. 3. Including
-€16.5bn in outflows from “channel business” products in China in
Q4 2020 and -€7bn in Q1 2021, and -€5.1bn due to two institutional
mandates in India coming to an end in Q4 2020.
Assets under management and net inflows
by asset class1
|
AuM |
AuM |
% chg. vs. |
Inflows |
Inflows |
Inflows |
(€bn) |
31/03/2021 |
31/03/2020 |
31/03/2020 |
Q1 2021 |
Q4 2020 |
Q1 2020 |
Equities |
306 |
200 |
+53.0% |
+4.8 |
+9.3 |
+2.3 |
Multi-asset |
273 |
221 |
+23.3% |
+5.3 |
+3.0 |
-4.8 |
Bonds |
629 |
603 |
+4.4% |
-1.9 |
-1.0 |
-7.1 |
Real, alternative and structured assets |
95 |
82 |
+16.2% |
+1.6 |
+1.0 |
+1.3 |
MLT ASSETS excl. JVs |
1,302 |
1,105 |
+17.8% |
+9.8 |
+12.3 |
-8.4 |
Treasury Products excl. JVs |
205 |
190 |
+7.9% |
-18.6 |
+17.5 |
-4.5 |
ASSETS excl. JVs |
1,507 |
1,296 |
+16.4% |
-8.8 |
+29.8 |
-12.9 |
JVs |
248 |
232 |
+6.9% |
-4.0 |
-15.4 |
+9.7 |
TOTAL |
1,755 |
1,527 |
+14.9% |
-12.7 |
+14.4 |
-3.2 |
o/w MLT Assets |
1,521 |
1,308 |
+16.4% |
+7.3 |
-4.5 |
+2.7 |
o/w Treasury products |
234 |
220 |
+6.4% |
-20.0 |
+18.9 |
-5.9 |
1. 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.
Assets under management and net inflows
by region1
|
AuM |
AuM |
% chg. vs. |
Inflows |
Inflows |
Inflows |
(€bn) |
31/03/2021 |
31/03/2020 |
31/03/2020 |
Q1 2021 |
Q4 2020 |
Q1 2020 |
France3 |
9272 |
830 |
+11.6% |
-15.7 |
+13.6 |
-4.4 |
Italy |
185 |
158 |
+17.0% |
+3.2 |
+0.7 |
-1.7 |
Europe excl. France and Italy |
233 |
161 |
+44.5% |
+2.6 |
+16.1 |
+0.9 |
Asia |
311 |
286 |
+8.9% |
-1.54 |
-13.04 |
+4.8 |
Rest of world5 |
99 |
92 |
+8.0% |
-1.4 |
-2.9 |
-2.8 |
TOTAL |
1,755 |
1,527 |
+14.9% |
-12.7 |
+14.4 |
-3.2 |
TOTAL excl. France |
829 |
697 |
+18.8% |
+3.0 |
+0.8 |
+1.1 |
1. 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. Of which €446bn for CA & SG insurers. 3.
France: net inflows on medium/long-term assets: +€1.5bn in Q1 2021
and +€2.6bn in Q4 2020 and -€6.9bn in Q1 2020. 4. Including
-€16.5bn in outflows from “channel business” products in China, and
-€7bn in Q1 2021and -€5.1bn in Q4 2020 due to two institutional
mandates in India coming to an end. 5. Mainly the United
States.
Methodological
appendix
I. Accounting and adjusted
data1. Accounting
data: In Q1 2021, Q1 and Q4 2020,
information corresponds to data after amortisation of distribution
contracts.
2. Adjusted
dataTo present an income statement that is closer to the
economic reality, the following adjustments have been made:
restatement of the amortisation of distribution contracts (deducted
from net revenues) with SG until November 2020, Bawag, UniCredit
and Banco Sabadell.
Amortisation of distribution
contracts:
- Q1 2020: €18m before tax and €13m
after tax
- Q4 2020: €18m before tax and €13m
after tax
- Q1 2021: €17m before tax and €12m
after tax
II. Reminder of amortisation of
distribution contracts with Banco Sabadell
When Sabadell AM was acquired,
a 10-year distribution contract was entered into with the Banco
Sabadell networks in Spain; this contract's gross valuation is
€108m (posted to the balance sheet under Intangible Assets). At the
same time, a Deferred Tax Liability of €27m was recognised. Thus
the net amount is €81m which is amortised using the straight-line
method over 10 years, as from 1 July 2020. In the Group's income
statement, the net tax impact of this amortisation is €8m over a
full year (or €11m before tax), posted under “Other revenues”, and
is added to existing amortisations of the distribution
contracts:
- with Bawag in the amount of €2m after
tax over a full year (€3m before tax);
- with UniCredit in the amount of €38m
after tax over a full year (€55m before tax).
NB: the SG contract
ceased to be amortised as of 1 November
2020
III. Alternative Performance
Indicators12To present an income statement that is closer
to the economic reality, Amundi publishes adjusted data which
excludes amortisation of the distribution contracts with SG, Bawag,
UniCredit and Banco Sabadell since 1 July 2020 (see above).These
combined and adjusted data are reconciled with accounting data as
follows:
€m |
|
Q1 2021 |
|
Q4 2020 |
|
Q1 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
753 |
|
711 |
|
594 |
+ Amortisation of distribution contracts before tax |
|
17 |
|
18 |
|
18 |
Adjusted net revenues (b) |
|
770 |
|
730 |
|
612 |
|
|
|
|
|
|
|
Operating expenses (c) |
|
-376 |
|
-370 |
|
-331 |
|
|
|
|
|
|
|
Gross operating income (d) = (a)+(c) |
|
377 |
|
342 |
|
263 |
|
|
|
|
|
|
|
Adjusted gross operating income (e) = (b)+(c) |
|
394 |
|
360 |
|
281 |
Cost/income ratio (c)/(a) |
|
49.9% |
|
52.0% |
|
55.7% |
Adjusted cost/income ratio (c)/(b) |
|
48.8% |
|
50.7% |
|
54.1% |
Cost of risk & Other (f) |
|
-2 |
|
-3 |
|
-13 |
Share of net income of equity-accounted entities (g) |
|
18 |
|
20 |
|
14 |
Income before tax (h) = (d)+(f)+(g) |
|
393 |
|
359 |
|
264 |
|
|
|
|
|
|
|
Adjusted income before tax
(i) = (e)+(f)+(g) |
|
410 |
|
377 |
|
282 |
Income tax (j) |
|
-99 |
|
-86 |
|
-71 |
Adjusted income tax (k) |
|
-103 |
|
-92 |
|
-76 |
Minority interests (l) |
|
2 |
|
3 |
|
0 |
Net income, Group share (h)+(j)+(l) |
|
297 |
|
275 |
|
193 |
|
|
|
|
|
|
|
Adjusted net income, Group share
(i)+(k)+(l) |
|
309 |
|
288 |
|
206 |
About Amundi
Amundi, the leading European asset manager,
ranking among the top 10 global players13, 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 hubs14,
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 4,800 employees in more than 35 countries. A subsidiary
of the Crédit Agricole group and listed on the stock exchange,
Amundi currently manages more than €1.750 trillion of assets15.
Amundi, a trusted partner, working every
day in the interest of its clients and society.
www.amundi.com
Press contact: |
Investor contacts: |
Natacha Andermahr |
Anthony
Mellor Thomas
Lapeyre |
Tel. +33 1 76 37 86 05 |
Tel. +33 1 76 32 17
16 Tel. +33 1 76 33
70 54 |
natacha.andermahr-sharp@amundi.com |
anthony.mellor@amundi.com thomas.lapeyre@amundi.com |
DISCLAIMER:
This document may contain projections concerning
Amundi's financial situation and results. The figures given do not
constitute a “forecast” as defined in Delegated Regulation (EU) No.
2019/980 of 14 March 2019.
This information is based on scenarios that
employ a number of economic assumptions in a given competitive and
regulatory context. As such, the projections and results indicated
may not necessarily come to pass due to unforeseeable
circumstances. The reader should take all of these uncertainties
and risks into consideration before forming their own opinion.
The figures presented were prepared in
accordance with IFRS guidelines.
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 independently verified, 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
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 the document may refer.
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. JVs5 Adjusted data:
excluding amortisation of distribution contracts. See page 7 for
definitions and methodology. 6 Data for the first quarter of 2021
includes a positive scope effect: Sabadell AM has been consolidated
as of Q3 2020, the new Chinese subsidiary Amundi BOC Wealth
Management as of Q4 2020, and Fund Channel as of Q1 2021. €21m
impact on net income and €4m on adjusted net income.7 Assets under
management and net inflows including Sabadell AM as of Q3 2020 and
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.8 Ex JVs9ETP:
Exchange Traded Products, including ETF (Exchange Traded Funds) and
ETC (Exchange Traded Commodities), such as ETC Gold.10When ESG
methodology is technically applicable11Source: Morningstar. Scope:
European funds. Article 8: products that promote environmental
and/or social characteristics; Article 9: products that have
sustainable investment objective.12 Please refer to section 4.3 of
the 2020 Universal Registration Document filed with the French AMF
on 12/04/202113 Source: IPE “Top 500 Asset Managers” published in
June 2020, based on assets under management as at 31/12/201914
Boston, Dublin, London, Milan, Paris and Tokyo15 Amundi data as of
31/03/2021
- Amundi PR Results Q1 2021
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