After having become a global leader in asset management, and having achieved or exceeded the targets of its previous strategic plan, Amundi intends to pursue its growth journey.
Asset management: a growth industry
The current environment is uncertain with geopolitical risks and macroeconomic headwinds.
Nevertheless, significant supportive long-term trends also remain that will drive the asset management industry growth: the retirement savings gap of an ageing population, the large pool of retail savings in cash, continued energy transition financing needs and the rise of middle class in Asia.
Amundi is well positioned to capture these opportunities and intends to be a winner in a changing landscape thanks to its global reach, credibility in responsible investment, expertise across the whole savings value chain, digital capabilities, as well as its scale, efficiency and M&A experience.
Growth will be driven by the continued development of Amundi, by leading the way in Responsible Investment, strengthening asset management leadership and becoming a first-class provider of services and technology across the entire savings value chain.
Amundi will also continue to pursue value creative acquisitions, building on its track record as a natural consolidator in the industry.
Valérie Baudson, Amundi’s CEO, comments:
Our ambition for Amundi is to enhance our global leadership in Asset Management.
We will strengthen our organic growth worldwide thanks to our diversified asset management expertise, and to our emerging technology and services capabilities. We will seize acquisition opportunities to build on our strong consolidation track record and accelerate our development.
Our 2025 strategic plan will result in attractive shareholder returns, both in terms of payout ratio commitment and ability to generate €2bn excess capital over the period
- Strengthen leadership in asset management
- Lead the way on Responsible Investment
- Become a first-class provider of technology & services across the entire savings value chain
- Pursue value-creative M&A
Value creation pillars 2022-2025
- Strong organic growth: c.5% average net income1 annual growth2
- Operational efficiency: industry-leading cost/income ratio maintained <53%1 in 2025, after delivering all synergies related to Lyxor
- Attractive shareholder returns: ≥65% pay-out ratio, expected to deliver c.€3bn of cumulative ordinary dividends
- Excess capital expected to reach c€2bn in 2025, to be used in acquisitions or returned to shareholders
1 Adjusted data: excluding amortisation of intangible assets and integration costs relating to Lyxor ; in 2021, adjustment for Affrancamento.
2 Growth vs 2021 adjusted net income of €1,158m (normalised to exclude exceptional level of performance fees in 2021 compared to average 2017-2020 level); assuming a broadly neutral market effect in 2025 vs 2021 average.