Amundi, Europe’s largest asset manager, has reported a decrease in income in H1 2020 as investors pulled off €4bn.
Key H1 2020 metrics
The firm’s adjusted net income group share in the first six months of 2020 stood at €439m, down 13% from €505m a year ago.
Adjusted gross operating income dropped 10% to €588m from €652m.
Adjusted net revenue of €1.23bn was 7% lower than the previous year.
Operating expenses dipped 5% year-on-year to €648m, driven by reduced travel and advertising spending.
The cost-to-income ratio increased 1.4 percentage points to 52.5% from 51.1%.
After witnessing a shock in March due to the Covi-19 crisis, the firm recovered slightly with aUM reaching €1.59bn at the end of June 2020. This is up 4% from 31 March 2020 and a 7% rise from the previous year.
In the first six months of 2020, outflows of €10.2bn in treasury products offset €6.2bn in inflows in medium-long-term assets.
Amundi CEO Yves Perrier said: “Despite an unfavourable market environment, Amundi’s business activity and earning were solid in the 2nd quarter, which proves the company’s business model is sound. Medium-Long-Term assets inflows turned positive, thanks notably to real assets and passive management.
“The Q2 2020 cost/income ratio of 50.9% was improved by 0.3 pt vs. the second quarter of 2019. Adjusted net income amounted to €233m. Excluding the impact on revenues of the decrease of average financial markets levels, this net income would be comparable to that of Q2 2019.”