In the third quarter of 2021, Amundi’s results stayed high in a favourable overall market, and were up sharply once again. This increase reflects the good level of revenues, with performance fees remaining very high (€90m in Q3).
Net revenues8 (€791m, up +25.7% vs. Q3 2020) benefited from good market conditions and strong momentum in business activity:
- Net asset management fees were up significantly compared to both Q3 2020 (+17.6%) and Q2 2021 (+2.6%), partly due to the increase in the equity market average and partly to vigorous inflows, particularly on Retail and MLT assets, for several quarters.
- Performance fees remained very high (€90m, compared to a quarterly average of €42m between 2017 and 2020). This exceptional level is largely a reflection of the 12-month increase in the Equity markets and should continue to normalise over the next few quarters6.
Operating expenses were under control (€383m). As a result, the cost/income ratio came out to 48.4% (vs. 51.2% in Q3 2020). Excluding exceptional level of performance fees7, the cost/income ratio was about 50%.
Taking into consideration the improved contribution to €25m (vs. €17m in Q3 2020) from equity-accounted entities (primarily the Asian joint ventures) and the tax charge, adjusted net income, Group share8, totalled €333m.
Excluding the exceptional level of performance fees7, adjusted net income was up by +9.9% compared to Q2 2021.
Over nine months in 2021, adjusted net income stood at almost one billion euros (€987m), a sharp increase (+45.6% vs. 9M 2020), resulting from:
- a high level of revenues (especially performance fees) and costs that are under control;
- an increased contribution from the JVs (+38% vs. 9M 2020).
Excluding the exceptional level of performance fees in 2021, this adjusted net income increased substantially by +25.6% vs. 9M 2020.