Amundi - 2020 Q1 Results

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 29 April 2020 to review the financial statements for the first quarter of 2020.

Commenting on the figures, Yves Perrier, CEO, said:

“Faced with a crisis of unprecedented scope, Amundi has adapted quickly, thanks to its proprietary robust IT platform and the professionalism of all its employees. I salute their engagement and their spirit of solidarity. All of the company’s functions, including portfolio management, risks, middle-office and sales, are 100% operational.

Once again, our first-quarter 2020 results confirm the solidity of Amundi’s business model, founded on the one hand on strong operational diversification, and on the other on a high level of operational efficiency. Assets under management are up +3.5% year-on-year. In Q1 2020, Retail and JV inflows total more than €12bn, virtually offsetting the crisis-related outflows from Institutionals and Corporates. Gross Operating Income^[5] increased by more than 12% thanks to the positive jaws effect stemming from an increase of net asset management revenue (+5%) and a decrease of costs (-1%). Net income^[6] is maintained at a high level (€206m).

The Group has initiated recently new growth levers in retail, with strategic partnerships signed with Banco Sabadell and Bank of China. The implementation of these partnerships is progressing well, on target and on schedule, as announced.

The duration of the crisis and its impact on the business remain difficult to assess. However, thanks to its solid business model and its new growth drivers, Amundi is well-equipped to face the challenges brought by this exceptional situation.”

^{[1] Assets under management and net inflows include assets under advisory and assets sold and take into account 100% of assets under management and net inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.}

^{[2] Adjusted data: excluding amortisation of distribution contracts; See page 8 for definitions and methods}

^{[3] Financial income = Net financial income and other net income}

^{[4] Rating confirmed in May 2019}

^{[5] Excluding financial income}

^{[6] Adjusted net income}