Published 26 October, 2017
Published 26 October, 2017
This Friday 27th October 2017, Amundi publishes its results at the end of September, up significantly, thanks to the integration of Pioneer and to business momentum, which is staying high in all business lines.
At 30 September 2017, combined Assets Under Managament (Amundi + Pioneer) stood at €1,400bn thanks to1:
Combined net inflows of +€57.5bn1 were driven by brisk sales in Retail; sales were diversified across all asset classes, with a significant component of medium/long-term products2 (45% of the total), and balanced between France and International.
The Retail segment enjoyed a strong level of activity with net inflows of +€35.3bn for the first nine months of 2017, generated by all distribution channels.
Net inflows from the Institutionals and Corporates segment remained brisk, at +€22.1bn over the first nine months of 2017. These inflows are primarily made up of treasury products.
From a geographic viewpoint, net inflows were balanced between France (48% of the total) and international (52% of the total); in Asia the Joint Ventures were maintaining strong momentum, while Europe excluding France was benefiting from inflows from third-party distributors and UniCredit networks.
For the 3rd quarter only, combined net inflows reach +€31.2bn1
Net revenues4 amounted to €1,971m, up +6% on the first nine months of 2016, in line with the growth of assets under management. Operating expenses5 were controlled, increasing only +1.8%; the result was a cost/income ratio3 of 53.1%, a 2.2-point improvement.
Taking into account a tax charge3 of €291m, current net income Group share3 amounted to €650m, an increase of +11.1% compared to the first nine months of 2016.
On the 3rd Quarter, net revenues4 at €632m, were up +4.4%. Thanks to a moderate trend in operating expenses5 (+1.4%), the cost/income ratio4 was down by 1.6 point to stand at 53.5%. After tax, current net income Group share was €217m (+10.8%)4.
Methodology:
Pioneer, acquired on 3 July 2017, in consolidated for the first time in Q3 2017 in Amundi’s financial statements. Accounts at 30 September 2017 take into account 9 months of Amundi and 3 months of Pioneer.
The income statement also includes :
- in 2017 : Pioneer integration costs
- in 2016 and in 2017 : amortisation of the distribution contracts (accounted for as a deduction from net revenue) with SG and Bawag and starting Q3 2017 with UniCredit networks.
To allow for better comparison between periods, data is also presented combined6:
- for the first 9 months 2017 et 2016 : addition of Amundi data (9 months of activity) and Pioneer data (9 months of activity).
- for Q3 2017 et 2016 : addition of Amundi data (Q3) and Pioneer data (Q3).
1. Combined AuM and inflows: nine months Amundi and Pioneer, including assets under advisory and assets sold and taking into account 100% of assets under management from inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
2. Medium-long-term assets, excluding treasury products: equities; bonds; multi-assets; and real, alternative, and structured assets
3. Excluding amortisation of distribution contracts (UniCredit, SG, and Bawag) and Pioneer integration costs
4. Excluding amortisation of distribution contracts (UniCredit, SG, and Bawag)
5. Excluding costs associated with the integration of Pioneer
6. Combined data in 2016 and 2017: First nine months Amundi + first nine months Pioneer and Q3 Amundi + Q3 Pioneer.