Amundi: Third-quarter 2021 results
Amundi: Third-quarter 2021
results
Solid results:
€333m1 (+41.5% vs. Q3
2020)Strong business momentum:
net inflows of +€15bn in MLT
assets2,3
in Q3 2021
Results |
- Good level
of net asset management revenues, driven
by
- net asset management fees of €707m,
by +17.6% on Q3 2020 and +2.6% on Q2 2021
- high performance fees (€90m)
- Cost/income ratio of
48.4%1 (~50% excluding
exceptional level of performance
fees4)
- Adjusted net
income1 up sharply, at
€333m:
- +41.5% vs.
Q3 2020
- Excluding the
exceptional level of performance
fees2, +9.9% vs. Q2 2021 and
+29.2% vs. Q3 2020
|
Business activity |
- Strong business momentum:
high
inflows3,5 of
+€15bn in MLT assets, driven by active management (+€11.1bn) and
all customer segments
- Moderate
outflows in treasury
products3: -€2.2bn
- Outflows of -€12.7bn in the
JVs due to a one-off redemption
-
AuM5 of €1,811bn at
30/09/2021, up +8.9% year-on-year (+1.0% for the
quarter)
|
Paris, 4 November 2021
Amundi’s Board of Directors, chaired by Yves
Perrier, convened on 3 November 2021 to review the financial
statements for the third quarter and first nine months of 2021.
Commenting on the figures, Valérie Baudson, CEO,
said:
“Earnings in the third quarter of 2021 were up
sharply compared with the third quarter of 2020, driven by
fast-growing revenues and controlled costs. Net inflows in
Medium/Long-Term assets remained high at €15bn, driven by all areas
of expertise and both Retail and Institutional customer
segments.
With more than €800bn in ESG assets, Amundi is
confirming its global leadership and pursuing the implementation of
its ESG action plan.
The acquisition of Lyxor, scheduled for end
December 2021, will accelerate Amundi’s growth, particularly in
ETFs and in alternative investment expertise.”
I. Business
activityHigh inflows in MLT assets (+€15bn) in Q3
2021
Amundi’s assets under management
totalled €1,811bn at 30 September 2021, an increase of +8.9%
year-on-year and +1.0% vs. the end of June 2021.
In market conditions that are still
favourable overall (continued rise of the Equity markets6,
averaging +4% in Q3 compared to Q2 2021 and +28% compared to Q3
2020, notwithstanding a slight correction of the European indices
in September), the third quarter was marked by strong
inflows in MLT assets (+€15bn excluding JVs), and moderate
outflows in treasury products (-€2.2bn).
MLT inflows were balanced between Retail
and Institutionals:
- Retail
clients’ appetite for risk held steady, resulting in the
still brisk flows (+€7.5bn),
driven by third-party distributors (+€2.8bn) as well as the
international networks (+€5.3bn), particularly in Italy (UniCredit
and CA Italy networks) and Spain (Banco Sabadell network). In
China, the subsidiary Amundi-BOC WM continues to gain momentum,
with vigorous business activity (+€3.3bn), bringing assets under
management to €7bn at the end of September 2021. In the French
networks, inflows were slightly negative (-€0.7bn) in view of early
redemptions on structured products tied to favourable market
conditions. However, activity remains solid on other MLT assets
(+€0.8bn).
- Business
activity is also strong with
institutional clients (+€7.5bn) in all client
segments.
These MLT flows are driven by virtually
all areas of expertise:
- Active
investment strategies posted high flows once again
(+€11.1bn), driven by all asset classes and illustrated by
the success of Amundi-BOC WM’s Multi-Asset Funds, launched since
December 2020, multi-asset funds for Retail, and OCIO7 products for
institutional clients.
- Passive
management, ETFs and smart beta had a good third quarter with
+€3.9bn in net inflows, bringing AuM to €187bn at the end
of September 2021. In ETP8, with €+1.8bn of inflows in Q3 2021, AuM
stood at €78bn at the end of September 2021 (ranked #5 in
Europe9).
- In Real and
Structured Assets, the quarter was mixed, with robust
business activity in Real Assets (+€1.2bn) offset by -€1.2bn in
structured product outflows (before maturity).
Business activity in the JVs (-€12.7bn)
featured positive inflows in Mutual Funds (+€3bn) and an
exceptional outflow in China:
- The Indian JV SBI
MF pursued its growth trajectory with +€4.5bn of inflows
(including +€4.2bn in MLT assets), up from the second quarter,
which was affected by the public health crisis. SBI MF maintained
its leading position on the Indian market with a market share10 of
15.97% at the end of September 2021 vs. 15.36% at the end of
2020.
- The JV with NH (South
Korea) posted positive inflows in MLT assets (+€0.7bn) and
outflows in treasury products (-€1.5bn).
- Outflows from the JV with
ABC in China (-€16.3bn) were due to two negative
phenomena: -€11.6bn due to a one-off reinternalisation and -€4.1bn
due to the expected continuation of outflows of low-margin products
(Channel Business).
Overall, net flows for the quarter were
+€0.2bn.
Amundi Technology
Amundi Technology continues its development (33
clients at the end of September 2021), demonstrated by Malakoff
Humanis’ choice of Alto Investment for all its asset management IT
(including the new Private Equity module), as well as a new
offering for asset servicers based on Alto’s modular open
architecture (three clients including Caceis).
Amundi Technology’s revenues for the nine months
of 2021 were €27m, a 69% increase on the first nine months of
2020.
II. Solid
resultsQ3 2021: high adjusted net
income11of €333m
(+41.5 % vs. Q3 2020)
In the third quarter of 2021, Amundi’s
results remained high in a
favourable overall market, and were up sharply once again. This
increase reflects the
healthy level of
revenues, with performance fees remaining very high (€90m
in Q3).
Net revenues11
(€791m, up +25.7% vs. Q3 2020) benefited from good market
conditions and strong momentum in business activity:
- Net asset
management fees were up significantly compared to both Q3
2020 (+17.6%) and Q2 2021 (+2.6%), partly due to the increase in
the equity market average and partly to vigorous inflows,
particularly on Retail and MLT assets, for several quarters.
- Performance
fees remained very high (€90m, compared to a quarterly
average of €42m between 2017 and 2020). This exceptional level is
largely a reflection of the 12-month increase in the Equity markets
and should continue to normalise over the next few quarters.12
Operating expenses were under control
(€383m). Their trend (+18.6%
compared to Q3 2020 and -1.5% compared to Q2 2021) was driven
by:
- provisioning for
variable compensation, in relation with growth in operating
income;
- the scope effect
compared to Q3 2020 (+€10m) linked to the creation of Amundi BOC
WM13 and the full consolidation of Fund Channel14;
- continued
investments in development, particularly at Amundi Technology and
in other growth drivers
As a result, the cost/income
ratio was 48.4% (vs.
51.2% in Q3 2020). Excluding exceptional level of performance
fees15, the cost/income ratio was about 50%.
Taking into consideration the improved
contribution to €25m (vs. €17m in Q3 2020) from equity-accounted
entities (primarily the Asian joint ventures) and the tax charge,
adjusted net income, Group share, totalled
€333m.
Excluding the exceptional
level of performance
fees15, adjusted net
income was up by +9.9% compared to Q2
2021.
Over nine months in 2021, adjusted net
income stood at almost one billion euros (€987m),
representing a sharp increase (+45.6% vs.
9M 2020), resulting from:
- a high level of
revenues (especially performance fees) and costs that are under
control;
- an increased
contribution from the JVs (+38% vs. 9M 2020).
Excluding the exceptional
level of performance fees in 2021, this
adjusted net income increased substantially by +25.6% vs. 9M
2020.
III. Responsible
Investment
Amundi continued to implement its ESG
action plan, thus supporting its
global leadership:
- ESG
assets under management stood at €802bn
at 30 September 2021. The change from the end of
2020 (ESG AuM of €378bn at 31 December 2020) resulted from:
- integration of ESG
criteria into traditional investment management processes;
- high nine-month
inflows in MLT assets (+€25bn16), mostly in active management.
- Under
SFDR17
regulations, more than 770 open-end funds,
dedicated funds, and mandates totalling more than €728bn in AuM are
classified in Articles 8 and 918, making Amundi a
leader in this area.
Moreover, in the lead-up to the Glasgow COP 26,
Amundi has joined the “Net Zero Asset Managers” initiative
(commitments in line with the Paris Agreement trajectory) for asset
managers committed to the target of net zero emissions by 2050.
IV. Other
information
Financial disclosure schedule
- Publication of 2021
annual results: 9 February 2022
- Publication of Q1
2022 results: 29 April 2022
- AGM for the 2021
financial year: 18 May 2022
- Publication of Q2
and H1 2022 results: 29 July 2022
- Publication of Q3
and 9M 2022 results: 28 October 2022
***
Income Statements
€m |
|
Q3 2021 |
|
Q2 2021 |
|
Chg. Q3/Q2 |
|
Q3 2020 |
|
Chg. T3/T3 |
|
9M 2021 |
|
9M 2020 |
|
Chg. 9M/9M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue1 |
|
791 |
|
849 |
|
-6.9% |
|
630 |
|
25.7% |
|
2,410 |
|
1,866 |
|
29.2% |
Net asset management revenue |
|
797 |
|
844 |
|
-5.6% |
|
631 |
|
26.4% |
|
2,416 |
|
1,912 |
|
26.4% |
o/w net management fees |
|
707 |
|
689 |
|
2.6% |
|
601 |
|
17.6% |
|
2,059 |
|
1,806 |
|
14.1% |
o/w performance fees |
|
90 |
|
155 |
|
-41.9% |
|
30 |
|
x 3 |
|
356 |
|
106 |
|
x 3.6 |
Net financial income and other net income1 |
|
(6) |
|
5 |
|
- |
|
(1) |
|
- |
|
(5) |
|
(46) |
|
- |
Operating expenses |
|
(383) |
|
(388) |
|
-1.5% |
|
(323) |
|
18.6% |
|
(1,147) |
|
(971) |
|
18.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income 1 |
|
409 |
|
461 |
|
-11.4% |
|
307 |
|
33.1% |
|
1,264 |
|
895 |
|
41.2% |
Adjusted cost/income ratio1 |
|
48.4% |
|
45.7% |
|
2.6 pts |
|
51.2% |
|
-2.9 pts |
|
47.6% |
|
52.0% |
|
-4.5 pts |
Cost of risk & Other |
|
7 |
|
(18) |
|
- |
|
(3) |
|
- |
|
(13) |
|
(20) |
|
- |
Equity-accounted entities |
|
25 |
|
21 |
|
20.5% |
|
17 |
|
47.7% |
|
63 |
|
46 |
|
37.9% |
Adjusted income before taxes1 |
|
440 |
|
464 |
|
-5.1% |
|
321 |
|
37.0% |
|
1,313 |
|
921 |
|
42.7% |
Taxes |
|
(108) |
|
(120) |
|
-9.6% |
|
(86) |
|
26.2% |
|
(331) |
|
(247) |
|
34.2% |
Minority interests |
|
1 |
|
1 |
|
- |
|
(0) |
|
- |
|
5 |
|
(0) |
|
- |
Adjusted net income, Group share1 |
|
333 |
|
345 |
|
-3.6% |
|
235 |
|
41.5% |
|
987 |
|
674 |
|
46.5% |
Amortisation of distribution contracts after tax |
|
(12) |
|
(12) |
|
= |
|
(15) |
|
-16.3% |
|
(37) |
|
(40) |
|
-7.6% |
Affrancamento impact² |
|
0 |
|
114 |
|
- |
|
0 |
|
- |
|
114 |
|
- |
|
- |
Net income, Group share incl. Affrancamento |
|
321 |
|
448 |
|
-28.4% |
|
221 |
|
45.3% |
|
1,065 |
|
634 |
|
67.9% |
1. Adjusted data: excluding amortisation of the
distribution contracts and, in Q2 and H1 2021, excluding
Affrancamento. See slides 32-33 for definitions and methodology. 2.
Net accounting income for Q3 and 9M 2021 includes a one-time tax
gain (net of a substitution fee) of +€114m (no cash flow impact):
“Affrancamento” mechanism under the 2021 Italian Budget Law (Law
no. 178/2020), resulting in the recognition of Deferred Tax Assets
on intangible assets (goodwill); this was excluded from Adjusted
Net Income.
Change in assets under
management1 from end-December
2019 to end-September 2021
|
(€bn) |
AuM |
Net inflows |
Market and foreign exchange
effect |
Scope effect |
|
Change in AuM vs. previous quarter |
At 31/12/2019 |
1,653 |
|
|
|
|
+5.8% |
Q1 2020 |
|
-3.2 |
-122.7 |
|
/ |
|
At 31/03/2020 |
1,527 |
|
|
|
|
-7.6% |
Q2 2020 |
|
-0.8 |
+64.9 |
|
/ |
|
At 30/06/2020 |
1,592 |
|
|
|
|
+4.2% |
Q3 2020 |
|
+34.7 |
+15.2 |
|
+20.7 |
|
At 30/09/2020 |
1,662 |
|
|
|
|
+4.4% |
Q4 2020 |
|
+14.4 |
+52.1 |
|
/ |
|
At 31/12/2020 |
1,729 |
|
|
|
|
+4.0% |
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
At 31/03/2021 |
1,755 |
|
|
|
|
+1.5% |
Q2 2021 |
|
+7.2 |
+31.4 |
|
/ |
|
At 30/06/2021 |
1,794 |
|
|
|
/ |
+2.2% |
Q3 2021 |
|
+0.2 |
+17.0 |
|
/ |
|
At 30/09/2021 |
1,811 |
|
|
|
/ |
+1.0% |
1. Assets under management and inflows including
Sabadell AM as of Q3 2020 include assets under advisory and assets
marketed and take into account 100% of the Asian JVs’ inflows and
assets under management. For Wafa in Morocco, assets are reported
on a proportional consolidation basis.
Assets under management and net inflows
by client segment1
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
Inflows |
(€bn) |
30.09.2021 |
30.09.2020 |
/30.09.2020 |
Q3 2021 |
Q3 2020 |
9M 2021 |
9M 2020 |
French networks |
121 |
109 |
11.5% |
-1.3 |
2.5 |
-2.6 |
3.8 |
International networks |
165 |
138 |
19.8% |
5.4 |
-0.2 |
13.8 |
-2.9 |
o/w Amundi BOC WM |
7 |
- |
- |
3.3 |
- |
6.8 |
- |
Third-party distributors |
212 |
180 |
18.2% |
4.4 |
2.9 |
12.3 |
2.3 |
Retail (excl. JVs) |
499 |
426 |
17.0% |
8.5 |
5.2 |
23.5 |
3.2 |
Institutionals2 and sovereigns |
428 |
389 |
10.1% |
5.2 |
9.3 |
-5.1 |
7.8 |
Corporates |
85 |
79 |
7.6% |
-1.0 |
10.2 |
-11.5 |
1.7 |
Employee Savings |
76 |
62 |
23.5% |
-0.5 |
0.5 |
2.3 |
3.4 |
CA & SG insurers |
471 |
458 |
3.0% |
0.6 |
1.4 |
-0.5 |
-6.2 |
Institutionals |
1,060 |
987 |
7.4% |
4.3 |
21.4 |
-14.8 |
6.7 |
JVs3 |
252 |
249 |
1.2% |
-12.7 |
8.1 |
-14.1 |
20.8 |
|
|
|
|
|
|
|
|
TOTAL |
1,811 |
1,662 |
8.9% |
0.2 |
34.7 |
-5.4 |
30.7 |
Average 9M AuM (excl. JVs) |
1,532 |
1,381 |
10.9% |
/ |
/ |
/ |
/ |
1. Assets under management and inflows including
Sabadell AM as of Q3 2020 include assets under advisory and assets
marketed and take into account 100% of the Asian JVs’ inflows and
assets under management. For Wafa in Morocco, assets are reported
on a proportional consolidation basis. 2. Including funds of funds.
3. Including -€4.1bn in Q3 2021 in outflows from “channel business”
products in China and -€11.6bn in an exceptional
reinternalisation.
Assets under management and net inflows
by asset class1
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
Inflows |
(€bn) |
30.09.2021 |
30.09.2020 |
/30.09.2020 |
Q3 2021 |
Q3 2020 |
9M 2021 |
9M 2020 |
Equities |
334 |
243 |
37.4% |
2.6 |
3.3 |
13.1 |
9.9 |
Multi-asset |
298 |
251 |
19.0% |
8.5 |
1.3 |
26.3 |
-4.0 |
Bonds |
646 |
625 |
3.4% |
3.9 |
-0.9 |
6.7 |
-10.2 |
Real, alternative and structured assets |
95 |
90 |
5.7% |
-0.1 |
1.0 |
0.4 |
3.6 |
MLT ASSETS excl. JVs |
1,373 |
1,208 |
13.7% |
15.0 |
4.7 |
46.5 |
-0.8 |
Treasury Products excl. JVs |
186 |
205 |
-9.4% |
-2.2 |
22.0 |
-37.7 |
10.7 |
ASSETS excl. JVs |
1,559 |
1,413 |
10.3% |
12.8 |
26.7 |
8.7 |
9.9 |
JVs |
252 |
249 |
1.2% |
-12.7 |
8.1 |
-14.1 |
20.8 |
TOTAL |
1,811 |
1,662 |
8.9% |
0.2 |
34.7 |
-5.4 |
30.7 |
o/w MLT Assets |
1,595 |
1,429 |
11.7% |
3.5 |
15.9 |
32.0 |
22.1 |
o/w Treasury products |
216 |
233 |
-7.6% |
-3.3 |
18.8 |
-37.3 |
8.6 |
1. Assets under management and inflows including
Sabadell AM as of Q3 2020 include assets under advisory and assets
marketed and take into account 100% of the Asian JVs’ inflows and
assets under management. For Wafa in Morocco, assets are reported
on a proportional consolidation basis.
Assets under management and net inflows
by region1
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
Inflows |
(€bn) |
30.09.2021 |
30.09.2020 |
/30.09.2020 |
Q3 2021 |
Q3 2020 |
9M 2021 |
9M 2020 |
France2 |
935 |
892 |
4.8% |
2.2 |
17.3 |
-26.1 |
13.2 |
Italy |
192 |
171 |
12.0% |
0.8 |
-0.4 |
6.8 |
-2.7 |
Europe excl. France and Italy |
254 |
201 |
26.4% |
4.7 |
10.6 |
16.7 |
12.1 |
Asia3 |
324 |
303 |
6.8% |
-9.0 |
8.6 |
-3.3 |
14.2 |
Rest of world4 |
106 |
94 |
12.4% |
1.4 |
-1.3 |
0.4 |
-6.1 |
TOTAL |
1,811 |
1,429 |
26.7% |
0.2 |
34.7 |
-5.4 |
30.7 |
TOTAL excl. France |
876 |
537 |
63.3% |
-2.0 |
17.4 |
20.7 |
17.6 |
1. Assets under management and inflows including
Sabadell AM as of Q3 2020 include assets under advisory and assets
marketed and take into account 100% of the Asian JVs’ inflows and
assets under management. For Wafa in Morocco, assets are reported
on a proportional consolidation basis. 2. Of which €451bn for CA
& SG insurers. 3. Including -€4.1bn in Q3 2021 in outflows from
“channel business” products in China and -€11.6bn in an exceptional
reinternalisation. 5. Mostly the United States.
Methodological
appendix
I. Accounting and adjusted
dataAccounting data:
Information corresponds to data after amortisation of the
distribution contracts and, in Q3 and 9M 2021, after the impact of
Affrancamento (see below).
Adjusted dataTo present an
income statement that is closer to the economic reality, the
following adjustments have been made:
- Restatement of the amortisation of
distribution contracts (deducted from net revenues) with SG until
November 2020, Bawag, UniCredit and Banco Sabadell.
- In Q3 and 9M 2021, non-recognition
of a one-time tax gain (net of a substitution fee) of +€114m (no
cash flow impact): “Affrancamento” mechanism under the 2021 Italian
Budget Law (Law no. 178/2020), resulting in the recognition of
Deferred Tax Assets on intangible assets (goodwill); this was
excluded from Adjusted Net Income.
Amortisation of distribution
contracts:
- Q3 2020: €21m before tax and €15m
after tax 9M 2020:
€56m before tax and €40m after tax
- Q3 2021: €17m before tax and €12m
after tax 9M 2021:
€51m before tax and €37m after tax
II. Reminder of amortisation of
distribution contracts with Banco Sabadell
When Sabadell AM was acquired,
a 10-year distribution contract was entered into with the Banco
Sabadell networks in Spain; this contract's gross valuation is
€108m (posted to the balance sheet under Intangible Assets). At the
same time, a Deferred Tax Liability of €27m was recognised. Thus
the net amount is €81m which is amortised using the straight-line
method over 10 years, as from 1 July 2020. In the Group's income
statement, the net tax impact of this amortisation is €8m over a
full year (or €11m before tax), posted under “Other revenues”, and
is added to existing amortisations of the distribution
contracts:
- with Bawag in the amount of €2m after
tax over a full year (€3m before tax);
- with UniCredit in the amount of €38m
after tax over a full year (€55m before tax).
NB: the SG contract
amortisation ceased since 1 November
2020
III. Alternative Performance
Indicators19To present an income
statement that is closer to the economic reality, Amundi publishes
adjusted data which excludes amortisation of the distribution
contracts with SG, Bawag, UniCredit and Banco Sabadell since 1 July
2020. For more details on the methodology, we invite you to
consult the attached PDF version of the press release.
About AmundiAmundi, the leading
European asset manager, ranking among the top 10 global players20,
offers its 100 million clients - retail, institutional and
corporate - a complete range of savings and investment solutions in
active and passive management, in traditional or real assets.
With its six international investment hubs21,
financial and extra-financial research capabilities and
long-standing commitment to responsible investment, Amundi is a key
player in the asset management landscape.
Amundi clients benefit from the expertise and
advice of 4,800 employees in more than 35 countries. A subsidiary
of the Crédit Agricole group and listed on the stock exchange,
Amundi currently manages more than €1.8 trillion of assets22.
Amundi, a trusted partner, working every
day in the interest of its clients and society.
www.amundi.com
Press contact:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr-sharp@amundi.com
Investor contacts:
Anthony Mellor
Tel. +33 1 76 32 17 16
anthony.mellor@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
DISCLAIMER:
This document may contain projections concerning
Amundi's financial situation and results. The figures given do not
constitute a “forecast” as defined in Delegated Regulation (EU) No.
2019/980 of 14 March 2019.
This information is based on scenarios that
employ a number of economic assumptions in a given competitive and
regulatory context. As such, the projections and results indicated
may not necessarily come to pass due to unforeseeable
circumstances. The reader should take all of these uncertainties
and risks into consideration before forming their own opinion.
The figures presented were prepared in
accordance with IFRS guidelines.
The information contained in this document, to
the extent that it relates to parties other than Amundi or comes
from external sources, has not been independently verified, and no
representation or warranty has been expressed as to, nor should any
reliance be placed on, the fairness, accuracy, correctness or
completeness of the information or opinions contained herein.
Neither Amundi nor its representatives can be held liable for any
negligence or loss that may result from the use of this document or
its contents, or anything related to them, or any document or
information to which the document may refer.
1 Adjusted data: excluding amortisation of the
distribution contracts and Affrancamento. See page 8 for
definitions and methodology2 Medium/Long-Term Assets: excluding
treasury products3 Excl. JVs4 Exceptional level of performance fees
= higher than average performance fees per quarter in 2017-20205
Assets under management and net inflows including Sabadell AM as of
Q3 2020 and BOC WM as of Q1 2021 include assets under advisory and
assets marketed and take into account 100% of the Asian JVs’ assets
under management and net inflows. For Wafa in Morocco, assets are
reported on a proportional consolidation basis.6Eurostoxx 600 Index
Average:7OCIO: Outsourced Chief Investment Officer Solutions 8
Exchange Traded Products9 Source: ETG GI September 202110 Source
AMFI – Total Mutual funds AuM11 Adjusted data: excluding
amortisation of the distribution contracts and Affrancamento. See
page 7 for definitions and methodology.12 NB: Under the new ESMA
regulations ("Guidelines on Performance Fees,” applicable mainly to
UCITS funds) implemented in July 2021 for existing funds, the
reference period will be five years if the funds underperform their
benchmark. These new regulatory provisions should result in a
partial and gradual decline in performance fees beginning in
2022.13 Consolidated from Q4 2020 14 Consolidated from Q1
202115Exceptional level of performance fees = higher than average
performance fees per quarter in 2017-2020 (€42m)16 Total ESG
inflows were -€6.3bn over nine months, due to high treasury product
outflows, in line with Amundi’s total outflows over 9 months.17The
new European Sustainable Financial Disclosure Regulation (SFDR)
requires fund managers to rank their European assets by degree of
ESG integration18Scope: European funds. Article 8: products that
promote environmental and/or social characteristics; Article 9:
products that have a sustainable investment objective.19 Please
refer to section 4.3 of the 2020 Universal Registration Document
filed with the French AMF on 12/04/2021
20 Source: IPE “Top 500 Asset Managers”
published in June 2021, based on assets under management as at
31/12/202021 Boston, Dublin, London, Milan, Paris and Tokyo22
Amundi data as of 30/09/2021
- 11.04.2021 - PR - Amundi's Q3 2021 Results
Amundi (EU:AMUN)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Amundi (EU:AMUN)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024