Amundi’s first half and the second quarter of 2017
Friday 28 July 2017
This Friday July, 28th, Amundi publishes strong results in the first half of 2017 confirmed profitable growth momentum.
Amundi’s assets under management amounted to €1,121bn at 30 June 20171 (€1,342 billion including Pioneer Investments2), reflecting excellent business activity (strong net inflows of +€28.8bn2 in the first half 2017) and a positive market effect (+€9.5bn) owing to favourable market conditions, especially in equities.
The net inflows of +€28.8bn2 in the first half of 2017, driven by retail (€22.9bn in H1 2017), where sustained on the French network, especially in medium/long term assets (+€2.4bn).
The Institutional segment recorded satisfactory net inflows of +€5.9bn in H1 2017, despite some exceptional negative developments, particularly the withdrawal of a mandate by the ECB in Q1 2017 (‑€6.9bn) and seasonal effects in treasury products.
Net inflows were generated on all asset classes with medium/long term assets representing +€12.7bn.
Finally, net inflows remained primarly driven by international sources (67% of total net inflows).
Amundi's results in the first half of 2017 confirm a trend of steady growth.
The Group’s share of net income was up 10,9% from the first half of 2016. This excellent results was driven by solid revenue growth (€910m) of 8,6% linked to the 12 months growth in assets under management.
Operating expenses were under control at €454m leading to a 2-point improvement in the cost/income ratio, which stood at 49,9%.
Discover all the results and Nicolas Calcoen’s, Chief Financial Officer, comments on video:
1 Assets under management and inflows include assets under advisory and assets sold and take into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
2 Data combined prior to harmonisation of accounting methods for AuM
3 Excluding costs associated with the integration of Pioneer Investments amounting to €32m before tax and €21m after tax in H1 2017.