French asset manager Amundi, owned by Credit Agricole, has reported a net income group share of €218m for the third quarter (Q3) of 2019, a 4% rise from €209m in the same quarter of 2018.
The company’s adjusted net income group share during the same period remained flat at €230m.
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Adjusted net revenue of €657m was 6% higher than the previous year, driven by net asset management revenue growth.
Adjusted gross operating income increased 10% to €321m from €293m.
“This performance is partly due to the rise of assets under management (high net inflows and market effect) and also the full impact of synergies associated with Pioneer,” the asset manager said in its earnings statement.
Adjusted operating expenses rose 2% year-on-year to €335m.
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By GlobalDataThe firm’s assets under management reached €1.56 trillion at the end of September 2019, up 5% from the previous quarter. Net inflows for Q3 2019 were €42.7bn.
Amundi CEO Yves Perrier said: “Amundi posted very solid operating performances for the third quarter of 2019. Net inflows amounted to +€42.7bn, a record level, driven by all expertise and all client segments.
“Gross operating income posted an almost 10% increase, thanks to a buoyant activity, and to the impact of synergies associated with the integration of Pioneer. With this integration completed, Amundi is now fully focused on its development.”
