French asset manager Amundi, owned by Credit Agricole, has reported net income group share of €192m for the fourth quarter of 2018.
This is a decrease of 8% from last year’s figure of €209m.
The company’s adjusted net income group share during the period dived 16% to €225m from €269m.
Adjusted net revenue stood at €620m, down 17% from €751 in the previous year.
Compared to a year ago, adjusted gross operating income plummeted 20% to €294 while adjusted operating expenses decreased 14% to €326m.
Amundi’s assets under management totalled €1.42 trillion at the end of December 2018, stable compared to a year ago.
The fourth quarter reported negative flows of €6.5bn. The Retail segment was said to be resilient.
However, the institutional segment recorded net outflows of €7bn.
Amundi CEO Yves Perrier said the business had performed well in 2018 to increase its net income by 25% to €855m: “Despite an unfavourable market environment, Amundi’s results increased sharply once again in 2018. There are two factors behind this improvement. First, business momentum remained strong, despite the market context, and benefited from Amundi’s significant international presence, particularly in Asia.
“Second, the Pioneer integration has been a success, and the acquisition has significantly strengthened Amundi’s business model; the integration was executed quickly and competently, and therefore the total amount of synergies has been increased to €175m per year.”