Europe’s largest asset manager Amundi has reported adjusted net income group share of €309m in Q1 2021, which is said to be the highest since its IPO.
However, it saw €12.7bn ($15.35bn) in quarterly net outflows as investors withdrew money from treasury products. This was offset by inflows in equity and multi-asset funds.
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Highlights
The French asset manager’s adjusted net income group share in the quarter to March 2021 quarter was €309m. a 50% increase from 206m in the same quarter of 2020.
Adjusted net revenue, which surged 26% year-on-year to €770m, benefitted from rise in net asset management fees and performance fees.
Adjusted gross operating income soared 40% to €394m from €281m over the period while adjusted income before taxes increased 45% to €410m.
Operating expenses of €376m were 14% higher than the prior year figure.
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By GlobalDataAssets under management reached €1.75bn at March 2021-end, up 14% from the prior year and up 1.5% from the end of last December.
The firm’s cost/income ratio at the end of March 2021 stood at 48.8%, compared to 54.1% a year ago and 50.7% in Q4 2020.
Amundi Yves Perrier CEO said: “Amundi recorded very good performances in the first quarter of 2021: results improved substantially, inflows in MLT assets were strong and operational efficiency continued to improve.
“The strategic initiatives launched in 2020 (the partnership with Banco Sabadell, the joint venture with Bank of China, and Amundi Technology) are starting to bear fruits. The acquisition of Lyxor will be a new driver of growth.”
Recently, Societe Generale entered into exclusive discussions with Amundi to divest its fund management business Lyxor.Societe Generale expects the transaction to bring in €825m.
The agreement maintains a partnership with Amundi for the provision of savings and investment solutions for Societe Generale’s networks.
Additionally, Societe Generale will continue to support Amundi through a range of market solutions and securities services.
