Over 9 months 2018, accounting net income1 stood at €663m, up by a sharp 40.5% compared with the first nine months of 2017, benefiting from the effects of the integration of Pioneer (consolidated as from 1 July 2017), growth momentum and achievement of synergies targeted when Pioneer was acquired.
Adjusted net income, Group share, totalled €721m compared with the first nine months of 2017, mainly due to2,3:
- Net asset management revenue that reached €1,968m (+3.2%4)
- Operating expenses that fell sharply (€1,005m, down 4.0%3), due to the rapid execution of the Pioneer integration plan (€71m in cost synergies achieved over the first nine months), despite the recognition of external research costs related to MiFID (Markets in Financial Instruments Directive).
- The cost/income ratio that came in at 51.2% (among the lowest in the industry), a 1.9 point3 decrease from the first nine months of 2017
Q3 2018 accounting net income1 was €209m, a sharp increase of 13.3% compared to Q3 2017, whereas adjusted net income Group share totalled €230m2, up 5.8% compared with Q3 2017.