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October 30, 2020

Amundi beats Covid-19 blues with strong Q3 performance

Navigating a challenging market, French asset manager Amundi has reported a rise in income in Q3 2020 and seen growth in assets driven by high level of inflows.

Highlights

Amundi’s adjusted net income, group share, stood at €235m in Q3 2020, up 1% from the preceding quarter and a 2.3% vs. Q3 2019 and +1.0% vs. Q2 2020).

The firm’s total net revenue was €630m in the three months to September 2020, up 1% from the previous quarter though a 4% fall from the prior year.

Cost-cutting measures, lower travel and marketing as a result of the Covid-19 crisis brought down operating expenses by 4% to €323.

The firm’s assets under management reached €1.66bn at the end of September 2020.

This marks a 6% increase from a year earlier and a 4% rise from the previous quarter. The growth was driven by €35bn in inflows and the acquisition of Sabadell Asset Management.

Performance fees improved to €30m in Q3 2020 versus €25m in the same quarter of 2019. The cost/income ratio remained flat at 51.2%.

Amundi CEO Yves Perrier said: “Thanks to its diversified business model and its operating efficiency, Amundi is therefore confirming its ability to combine growth and profitability, in spite of a market environment, which remains fragile due to the Covid-19 crisis.

“Asia is a major focus of Amundi’s expansion strategy. In the space of five years, Amundi’s Asian AuM tripled, reaching more than €300bn. The launch of the new subsidiary in China with BoC give Amundi a unique position in this fast-developing market. Thanks to this new growth driver and the favourable momentum of its other activities in Asia, Amundi is targeting AuM of €500bn in the region by 2025.”

Notably, Amundi recently announced a new joint-venture with Chinese firm BOC Wealth Management.

 

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