First quarter 2017

Friday 28 April 2017

Financial Communication

Q1 results 2017

This Friday April, 28th, Amundi publishes strong results in the first quarter of 2017 demonstrating its capacity to generate profitable growth on a recurrent basis.

Amundi’s assets under management amounted to €1,128bn at 31 March 20171, reflecting good business activity (net inflows of +€32.5bn in the first quarter 2017) and a positive market effect (+€12.5bn) owing to more favourable market conditions.

+€32.5bn of net inflows

The net inflows of +€32.5bn amount to 3% of assets under management at the beginning of the period. Business was driven by strong sales activity that remains well balanced between the two client segments: Retail and Institutional investors.

The Retail segment enjoyed a strong level of activity with net inflows of +€15.4bn in Q1 2017, generated by all distribution channels.

From a geographical perspective, net inflows were strong in all regions, with France accounting for a greater share this quarter thanks to significant investments in treasury products. International activities generated 36% of total net inflows in the first quarter of 2017, amounting to +€11.7bn, an increase of +26% on the first quarter of 2016.

A sharp increase of +13.2% in net earnings2

Amundi’s performance in Q1 2017 continued to follow a steady growth trajectory. Net earnings Group share, which reached €147m2  were up +13.2% on the first quarter of 2016, excluding €3.5m (net of tax) in expenses related to the forthcoming integration of Pioneer Investments.

The cost/income ratio also improves and stood at 51.5% (vs 53.7% at Q1 2017)3

1. Assets under management and inflows include assets under advisory and assets sold, and take into account 100% of inflows and assets managed by the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
2. Excluding costs associated with the integration of Pioneer Investments amounting to €3.5m after tax.
3. Excluding costs associated with the integration of Pioneer Investments amounting to €5.4m before tax.