Amundi, Europe’s largest asset manager, has continued its growth trajectory in Q4 2020, posting its highest quarterly net income since inception.
Meanwhile, the firm’s CEO Yves Perrier has stepped down and will be replaced by his deputy Valérie Baudson.
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Perrier has been at the helm for 14 years and was integral in the creation of Amundi in 2010.
The leadership transition will be effective on 10 May 2021, following which Perrier will become chairman of the board.
Baudson has been working at Amundi since 14 years and presently is the CEO of CPR Asset Management. She is also part of the Amundi General Coordination Committee.
Previously, she worked at Banque Indosuez as well as Crédit Agricole Cheuvreux, the European brokerage unit of the Crédit Agricole Group.
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By GlobalDataQ4 2020 highlights
Amundi registered adjusted net income of €288m for the quarter to December 2020, up 5% from a year ago.
The growth was driven by rise in net revenues, cost controls, as well as increase in the contribution of JVs.
However, the firm’s full year income dropped 5% year-on-year to €962m.
Adjusted net revenue rose 2% to €730m from €719m. Adjusted gross operating income rose 1% year-on-year to 360m.
As of 31 December 2020, asset under management (AuM) reached €1.73bn, supported by inflows of €45bn in 2020 and €14.4bn in the final quarter of 2020.
The AuM was up 4% from the previous quarter and up 5% since the end of 2019.
The firm’s CET 1 ratio was 20% at the end of December 2020, compared with
Amundi moves in 2020
Last June, Amundi completed the purchase of 100% of Sabadell Asset Management (Sabadell AM).
Later in 2020, the French asset manager announced a new joint-venture with Chinese firm BOC Wealth Management.
Last year, Amundi also finalised the integration of Goldman Sachs’ Fund Solutions & Origination (GSFSO) activities which included Luxembourg-domiciled fund platforms.
Moreover, in 2020, a report revealed that Amundi and BNP Paribas are among the group of bidders planning to acquire Lyxor, the asset management unit of Societe Generale.
Perrier stated: “Amundi has a clear strategy that has been unchanged since the company was founded: remaining an efficient organisation with talented and tight-knit management. In these circumstances, I felt it was time to pass on the general management torch.
“I am pleased that Valérie Baudson has been chosen by the Board, because I have total confidence in her ability to continue and amplify Amundi’s development trajectory. It is the choice of competence, continuity and shared values.”
