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Amundi : 2018 Annual results : Sharp improvement in annual results

By GlobeNewswire,  February 13, 2019, 12:56:00 AM EDT

FY 2018

Sharp improvement in annual results

Accounting net income[1] of €855m, up 25.5% vs. 2017

Successful integration of Pioneer

An acquisition that strengthens Amundi's business model and its European leadership position

A transaction that creates significant value:

total synergies raised to €175m, vs €150m originally announced

FY 2018Annual results in line with stated targets, despite an unfavourable environment

  • Increase in accounting net income1 (to €855m) of +25.5% vs. 2017 and in accounting EPS  of +19.8%
  • Adjusted net income[2] of €946m, up 9% vs 2017 excluding extraordinary financial revenues[3] (vs. a target of +7%3)
  • Net asset management revenues almost stable (-0.7% vs. 2017), despite market conditions
  • A cost/income ratio2 of 51.5%, an improvement of 0.9 pt
Strong net inflows[4] (+€42bn), driven mainly by MLT assets[5] (+€36bn)
In Q4 2018Quarterly adjusted net income remains high (€225m)

  • Compared with an exceptionally high Q4
  • Excluding financial revenues[6], adjusted net income was stable compared with Q4 2017
  • A cost/income ratio2 of 52.5%, thanks to lower costs
Net outflows of -€6.5bn with a resilient Retail activity (+€0.5bn)
Integration of PioneerA successful transaction: 
  • Bolsters Amundi's business model in three dimensions: distribution, expertise and talent
  • Executed in record time (18 months)
  • Creates significant value:
    • 2018 adjusted EPS2 up 36% vs. 2016 (> accretion target of 30%[7])
    • Total cost synergies raised from €150m to €175m
    • Faster-than-anticipated phasing of synergies
DividendDividend proposed at the General Meeting: €2.90 per share (+16% vs. 2017)

Paris, 13 February 2019

Amundi's Board of Directors, chaired by Xavier Musca, convened on 12 February 2019 to approve the financial statements for 2018.

Commenting on the figures, Yves Perrier, CEO, said:

"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 ".

I.        Results Annual results rose and were in line with the stated targets despite an unfavourable environment

Amundi's results rose once again in 2018: accounting net income increased by a sharp 25.5% compared with 2017. Adjusted net income reached €946m, up 3.1% compared with 2017[8], and up 9% compared with 2017 excluding extraordinary financial revenues[9]

These results are all the more remarkable given that the market environment became much less favourable since the second quarter. In 2018, most listed asset classes trended down and volatility was high. This led to heightened risk aversion, particularly among Retail clients. The environment had a negative impact on inflows and on performance fee generation. The increase in results reflects strong business activity and the successful integration of Pioneer, which allowed Amundi to reassess the amount of synergies (€175m instead of the €150m originally anticipated).

These strong results are in line with the targets announced in the three-year plan and demonstrate the soundness of Amundi's business model.

Full-year 2018

  • Accounting income[10] rose sharply in 2018, benefiting from the contribution of Pioneer (consolidated in H2 2017) and from growth momentum: accounting net income, Group share amounted to €855m, an increase of 25.5% compared with 2017.

    Accounting EPS were €4.24, a sharp 19.8% increase compared with 2017.


  • Adjusted income[11], which measures the Group's performance on a comparable basis, increased to €946m due mainly to lower operating expenses stemming from the realisation of Pioneer synergies.

    • Net revenues[12] proved resilient at €2,582m (-5.2% compared with 20178). This contraction was due to an unfavourable basis of comparison as 2017 benefited from an exceptionally high level of performance fees and financial income (related to disposals of interests ahead of the Pioneer acquisition and a favourable market environment). Net asset management revenue was virtually unchanged: the rise in net management fees (+1.9%8) was offset by lower performance fees. Additionally, the negative market environment, particularly at the end of the year, had an adverse impact on financial income (mark-to-market valuation). The average margin[13] on assets under management held up well at 18.8bp of assets.
    • Operating expenses[14] fell significantly (-6,8%8), due to the rapid implementation of Pioneer-related cost synergies (€110m in 2018), and despite the additional external research expenses for MiFID II and the first reinvestments in growth.
    • This led to a cost/income ratio11 of 51.5%, an improvement of 0.9 pt8.
    • The share of net income of equity-accounted entities (essentially Asian joint ventures) rose significantly to €50m (+50% compared with 20178).
    • In light of the lower tax rate, mainly due to the US tax reform, adjusted net income, Group share was €946m, up 3.1% compared with 20178 and up 9% compared with full-year 2017 excluding extraordinary financial revenues7.

    Fourth-quarter 2018

    Adjusted net income remained high (€225m) despite the negative effects of the market environment which had an adverse impact on revenues (-17.5%). Net asset management revenue contracted by 11.2% due mainly to the basis of comparison, as performance fees were particularly high in fourth-quarter 2017; net management fees were resilient, however, at -2.9%. This decrease in revenues was offset by a sharp decline in operating expenses (-14.6%). Excluding financial revenues in 2017 and 2018, adjusted net income was stable.

    The sharp decline in expenses led to a cost/income ratio of 52.5%.

    II.        Business activity

    Strong net inflows, driven by Retail, MLT[15]assets and International

    Full-year 2018

    Inflows remained high in 2018 (+€42bn), driven mainly by medium/long-term assets (+€36.3bn) and Retail (+€30.7bn[16]). Given the negative market effect (-€43bn) concentrated at the end of the year, assets under management reached €1,425bn at 31 December 2018, stable over 12 months.

    The quarterly inflow pattern was particularly unusual, as most of the flows were generated at the beginning of the year: Q1: +€39.8bn, Q2: +€2.6bn, Q3: +€6.1bn and Q4: -€6.5bn.

    These trends were consistent with a sharply declining European asset management market[17] (+€62bn in 2018 compared with +€846bn in 2017) with outflows accelerating at the end of the year.

    Net inflows were strong once again in the Retail segment (+€30.7bn16) but slowed significantly at the end of the year against the backdrop of heightened risk aversion in Europe. Of note for the full year:

    • Momentum was very strong for net inflows in the Asian JVs (mainly in China and India) where assets under management reached €142bn at end-2018;
    • Net inflows held up well in the French networks, thanks to MLT assets (Unit-Linked and discretionary portfolio management);
    • Net inflows in the International networks remained positive, particularly in Italy (+€4.3bn with discretionary portfolio management and Unit-Linked) thanks to the partnership with UniCredit;
    • The slowdown was sharper for Third-party distributors, where inflows remained positive in 2018 (excluding the €6.5bn in assets reinternalised by Fineco in Q3 2018), but were affected at the end of the year by heightened risk aversion.

    Annual inflows in the Institutionals and Corporates segment were strong (+€11bn) despite a more challenging year end. Of note for the full year:

    • Institutionals and Sovereigns: a high level of annual net inflows (primarily in MLT products) despite the termination of two mandates (-€6bn) at the end of the year; 
    • Corporates: treasury product outflows (concentrated in Q2), but a high level of MLT asset activity (mainly in Corporate pension funds);
    • Employee Savings: an excellent 2018 (net inflows of +€2.7bn versus +€1bn in 2017), which confirms this business line's growth potential (strengthened by the possibilities offered by the Pacte law in France).

    All asset classes contributed to net inflows in 2018. Medium/long-term assets represented +€36.3bn (+€42.8bn excluding reinternalisation of the Fineco asset management mandate), and treasury product activity was lower this year.

    Trends were particularly favourable for the growth drivers developed several years ago:

    • Passive management and smart beta[18]: another year of strong business activity, with +€14bn in net inflows in 2018, bringing AuM to €95bn at end-2018, a 5.6% increase vs. end-2017.
      • ETFs: net inflows in 2018 of +€3.8bn (no. 4 among European ETF providers[19]), bringing AuM to €38.6bn at end-2018 (fourth-largest European player)19
    • Real and alternative assets18: steady growth with 2018 net inflows increasing to +€3.5bn (vs. +€2.3bn in 2017), in particular in Real Estate, Private Debt and Private Equity.

    Lastly, net inflows continued to be driven by the International segment. Activity was brisk in Asia in the JVs (in China and India) as well as in Hong Kong and Taiwan. Activity remained strong in Italy (+€8.2bn[20]) as well as in Europe (mainly in Germany and the Netherlands). In France, business activity was strong in MLT assets (+€9.5bn in 2018), offset by treasury product outflows in Corporates.

    Fourth-quarter 2018

    Flows were negative at -€6.5bn in fourth-quarter 2018, even though the Retail segment was resilient (+€0.5bn) thanks to the Asian JVs and the still-positive business activity in the French networks (+€0.5bn). In Institutionals, net outflows of -€7.0bn can be attributed mainly to the termination of two sovereign client mandates; the Corporates segment nevertheless performed well at the end of the year (+€1.8bn, mainly in MLT assets).

    III.        Dividend and financial position

      An attractive dividend policy

    The Board of Directors has decided to propose a dividend of €2.90 per share in cash at the General Meeting to be held on 16 May 2019, i.e. an increase of +16% vs. 2017.

    This dividend offer represents a payout ratio of 65% of the Group's share of net income excluding integration costs (based on the number of shares at end-2018), and a 5.9% yield based on the share price on 8 February 2019 (at the close). Shares shall be designated ex-dividend on 24 May 2019 and paid out as from 28 May 2019.

    A strengthened financial structure

    Once again, Amundi's financial structure was solid at end-2018. Tangible equity[21] amounted to €2.3bn, a €0.4bn increase compared with end-2017. 

    In June 2018, rating agency Fitch reiterated Amundi's A+ rating with a stable outlook, the best in the sector.

    IV.        Conclusion and outlook

    Amundi'sgrowth trend in 2018 confirmed the resilience of its business model: the integration of Pioneer is almost complete and has been successful.

    This year's results are in line with the path outlined in February 2018. In a less buoyant environment, Amundi remains in a strong position to continue its profitable growth, based on the following strategic priorities:

    • Continue to expand in each of its business lines, by taking advantage of its leadership position in the Retail networks and accelerating its penetration among institutional and corporate clients,
    • Forge new distribution partnerships, in particular in Europe and Asia,
    • Continue to promote its range of products and services, 
    • Expand its presence along the value chain, mainly by developing Amundi Services,
    • Strengthen its responsible investor positioning to meet clients' growing expectations.

    Financial communication schedule

    • 26 April 2019:               Publication of first-quarter 2019 results
    • 16 May 2019:               General Shareholders' Meeting
    • 24 May 2019:                Ex-dividend date
    • 28 May 2019:               Dividend pay-out date
    • 31 July 2019:                Publication of first-half 2019 results
    • 31 October 2019:          Publication of results for the first nine months of 2019



    Income statements (annual and Q4)

    €m Full-year 2018 Full-year 2017 Change

    Full Year
     Q4 2018 Q4 2017 Change

      Actual Combined 2018/2017 Actual Actual 2018/2017
    Adjusted net revenue2 2,582  2,722  -5.2% 620  751  -17.5%
    Net asset management revenue   2,606   2,625   -0.7%   638   718   -11.2%
      o/w net management fees   2,491   2,445   +1.9%   617   636   -2.9%
      o/w performance fees   115   180   -36.3%   21   82   -75.1%
     Net financial income and other net income   (24)   97   NS   (18)   34   NS
    Adjusted operating expenses3 (1,331) (1,428) -6.8% (326) (381) -14.6%
    Adjusted gross operating income 2,3 1,251  1,295  -3.4% 294  370  -20.4%
    Adjusted cost/income ratio2,3 51.5% 52.4% -0.9 pts 52.5% 50.8% 1.8 pts
    Cost of risk & Other   (11)   (16)   -30.6%   (13)   (8)   +61.7%
    Equity-accounted entities   50   33   +50.2%   12   9   +36.6%
    Adjusted income before taxes2,3  1,289   1,311   -1.7%   293   370   -20.9%
    Adjusted corporate income tax2,3  (343)   (393)   -12.7%   (68)   (102)   -33.3%
    Adjusted net income, Group share2,3 946  918  +3.1% 225  269  -16.3%
    Amortisation of distribution contracts after tax   (50)   (30)   +63.3%   (12)   (12)   +0.6%
    Pioneer integration costs after tax   (42)   (88)   -52.5%   (21)   (47)   -56.0%
    Net income, Group share 855  800  +6.9% 192  209  -8.3%
    Adjusted EPS (€)   4.69   4.16   +3.0%            


    Combined 2017 data: 12 months Amundi + 12 months Pioneer

    2- Excluding amortisation of distribution contracts 

    3- Excluding costs associated with the integration of Pioneer

    Change in assets under management from end-2017 to end-2018

     (€bn)AuMNet inflowsMarket and FX

    At 31/12/20171,426  
    Flows in Q1 2018     +39.8 -13.5
    At 31/03/20181,452  
    Flows in Q2 2018     +2.6 +11.4
    At 30/06/20181,466  
    Flows in Q3 2018     +6.1+2.7
    At 30/09/20181,475  
    Flows in Q4 2018   -6.5-43.7
    At 31/12/20181,425  

    Details of assets under management and net inflows by client segment

       AuMAuM% chg. vs. InflowsInflows InflowsInflowsInflows
    (€bn)  31/12/1831/12/1731/12/17 12M1812M17 Q4-18Q3-18Q4-17
    French networks1   104 107 -3.4%   +2.9 +4.0   +0.5 -0.8 +1.0
    International networks    116 119 -2.3%   +4.6 +10.2   -0.8 +0.4 +2.4
    JVs     142 118 +21.0%   +26.3 +17.8   +2.6 +0.3 +6.0
    Third-party distributors    170 180 -5.7%   -3.1* +17.6   -1.8 -4.3* +4.8
    Retail  532524+1.5% +30.7*+49.6 +0.5-4.4*+14.2
    Institutionals2 and sovereigns    354 354 +0.0%   +12.5 +10.8**   -10.4 +2.4 -5.3
    Corporates    67 72 -7.1%   -3.6 +6.9   +1.8 +7.8 +5.1
    Employee savings     54 56 -3.6%   +2.7 +1.0   -0.1 +0.3 -0.2
    CA & SG insurers    417 419 -0.4%   -0.3 +2.3   +1.7 -0.0 -0.8
    Institutionals   893 902 -1.0%   +11.4 +21.0**   -7.0 +10.5 -1.1
    TOTAL   1,425 1,426 -0.1%  +42.0*+70.6** -6.5+6.1*+13.1
    AuM excl. JVs   1,2831,309-2.0%             

    French networks: net inflows on medium/long-term assets +€4.1bn in 2018, o/w +€0.3bn in Q4 2018

    2 Including Funds of funds

    * Including the -€6.5bn in assets reinternalised by Fineco in Q3 2018;

    ** including reinternalisation of an ECB mandate in Q1 2017 for -€6.9bn

    Details of assets under management and net inflows by asset class

    (€bn)  AuM at 31/12/18AuM at 31/12/17% chg. vs 31/12/17 Inflows 12M18Inflows 12M17 Inflows Q4-18Inflows Q3-18Inflows Q4-17
    Equities    224 232 -3.6%   +13.4 +10.7   -2.2 +4.3 +3.7
    Multi-asset    251 256 -1.9%   +10.1* +18.9   -1.7 -3.4* +5.7
    Bonds    648 646 +0.3%   +7.0 +3.8**   -3.4 +0.7 -0.2
    Real, alternative and structured    75 70 +6.7%   +5.9 +2.8   +1.4 +4.0 +1.2
    MLT ASSETS  1,1971,203-0.5% +36.3*+36.2** -5.9+5.7*+10.4
    Treasury products    228 223 +2.5%   +5.7 +34.4   -0.6 +0.4 +2.7
    TOTAL  1,4251,426-0.1% +42.0*+70.6** -6.5+6.1*+13.1

    * Including the -€6.5bn in assets reinternalised by Fineco in Q3 2018;

    ** including reinternalisation of an ECB mandate in Q1 2017 for -€6.9bn

    Details of assets under management and net inflows by region

       AuMAuM% chg. vs. InflowsInflows InflowsInflowsInflows
    (€bn)  31/12/1831/12/1731/12/17 12M1812M17 Q4-18Q3-18Q4-17
    France   8121 841 -3.4%   -2.9 +19.3   -5.0 +1.5 -8.4
    Italy   167 175 -4.2%   +1.6* +10.3   -1.0 -4.0* +3.6
    Europe excl. France/Italy   161 150 +7.2%   +15.5 +12.7   +5.5 +8.1 +7.2
    Asia   200 177 +12.8%   +26.8 +23.6   -4.0 +0.7 +8.3
    Rest of world    85 83 +1.4%   +0.9 +4.7   -1.9 -0.3 +2.3
    TOTAL  1,4251,426-0.1% +42.0+70.6 -6.5+6.1*+13.1
    TOTAL excl. FRANCE  613585+4.6% +44.9+51.3 -1.5+4.5*+21.5

    1- Of which €402bn for CA and SG insurers       *  Including the -€6.5bn in assets reinternalised by Fineco in Q3 2018


    Methodological appendix

  • 2018 Income statement

  • Accounting data
  • In 2018, the data corresponds to 12 months of activity for Amundi and 12 months of Pioneer's activity. In 2017, the data corresponds to 12 months of activity for Amundi and six months of activity for Pioneer, which has been consolidated since 1 July 2017.  

  • Adjusted data
  • To present an income statement that is closer to the economic reality, the following adjustments have been made:

  • 2018: restatement of Pioneer-related integration costs and amortisation of distribution contracts (deducted from net revenues) with SG, BAWAG and UniCredit.
  • 2017: restatement of Pioneer-related integration costs and amortisation of distribution contracts (deducted from net revenues) with SG and BAWAG over twelve months and with UniCredit over six months (as the contract with UniCredit did not start until Q3 2017).

  • Combined data
  • The combined data are different from the pro forma data (as presented in the 2016 Registration Document), which included restatements for the financing assumptions for the acquisition of Pioneer: additional financing costs, reduced financial income.

    Note on combined and accounting data

    Costs associated with the integration of Pioneer Investments:

    Costs associated with the integration of Pioneer:

    • 2018: €56m before tax and €42m after tax
    • 2017: €135m before tax and €88m after tax

    Amortisation of distribution contracts:

  • 2018: €71m before tax and €50m after tax 
  • 2017: €44m before tax and €30m after tax
  • Amortisation of distribution contracts with UniCredit
  • When Pioneer was acquired, 10-year distribution contracts were entered into with UniCredit networks in Italy, Germany, Austria, and the Czech Republic; the gross valuation of these contracts came to €546m (posted to the balance sheet under Intangible Assets). At the same time, a Deferred Tax Liability of €161m was recognised. Thus the net amount is €385m which is amortised using the straight-line method over 10 years, as from 1 July 2017.

    In the Group's income statement, the net tax impact of this amortisation is €38m over a full year (or €55m before tax), posted under "Other revenues," and is added to existing amortisations of the SG and Bawag distribution contracts of €11m after tax over a full year (€17m before tax).

  • Alternative Performance Indicator
  • Adjusted net income

    In order to present a performance indicator that is closer to economic reality, Amundi publishes adjusted net income, which is reconciled with accounting net income, Group share in the following manner:




      12M 2018 12M 2017 12M 2017 Q4 2018 Q4 2017
    €m Actual Reported


     Actual Reported
    Net revenues  (a) 2,510 2,678 2,257 602 734
    + Amortisation of distribution contracts before tax   71   44   44   18   18
    Adjusted net revenues (b) 2,582 2,722 2,301 620 751
    Operating expenses  (c) -1,387 -1,563 -1,309 -353 -458
    + Pioneer integration costs before tax  56 135 135 27 77
    Adjusted operating expenses  (d) -1,331 -1,428 -1,173 -326 -381
    Gross operating income  (e) = (a)+(c) 1,123 1,115 949 250 276
    Adjusted gross operating income (f) = (b)+(d) 1,251 1,295 1,128 294 370
    Cost/income ratio  (c)/(a) 55.3% 58.4% 58.0% 58.6% 62.4%
    Adjusted cost/income ratio (d)/(b) 51.5% 52.4% 51.0% 52.5% 50.8%
    Cost of risk & Other  (g)   -11   -16   -15   -13   -8
    Equity-accounted entities  (h)   50   33   33   12   9
    Income before tax  (i) = (e)+(g)+(h) 1,162 1,132 967 248 276
    Adjusted income before tax (j) = (f)+(g)+(h) 1,289 1,311 1,146 293 370
    Taxes  (k)  -307   -332   -286   -56   -67
    Adjusted taxes  (l)  -343   -393   -347   -68   -102
    Net income, Group share  (i)+(k) 855 800 681 192 209
    Adjusted net income, Group share  (j)+(l) 946 918 800 225 269
    Accounting EPS (€)  4.24   3.54    


    Shareholder structure
     31 December 2016 31 December 2017 31 December 2018
     (shares)% interest(shares)% interest(shares)% interest
    Crédit Agricole Group 127,001,233 75.6% 141,057,399 70.0% 141,057,399 69.9%
    Employees 413,753 0.2% 426,085 0.2% 602,329 0.3%
    Free float 40,449,438 24.1% 59,985,943 29.8% 59,230,545 29.4%
    Treasury shares  61,045 0.1% 41,135 0.0% 814,081 0.4%
    Number of shares at end of period167,925,469100.0%201,510,562100.0%201,704,354100.0%
    Average number of shares for the period 167,366,374192,401,181201,591,264
    • On 1 August 2018, 193,792 securities were created as a result of the capital increase reserved for employees, who now hold 0.3% of the share capital. 
    • Treasury shares stand at 0.4% of the share capital, as a result of the share buyback programme launched in November 2018 and of the ongoing liquidity contract.
    • Average number of shares on a pro-rata basis.

    About Amundi

    Amundi is Europe's largest asset manager by assets under management and ranks in the top 10[22] globally. It manages 1.425 trillion[23] euros of assets across six main investment hubs[24]. Amundi offers its clients in Europe, Asia-Pacific, the Middle East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Clients also have access to a complete set of services and tools. Headquartered in Paris, Amundi was listed in November 2015.

    Thanks to its unique research capabilities and the skills of close to 4,500 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their needs, targeted outcomes and risk profiles.

    Amundi. Confidence must be earned.

    Visit www.amundi.com for more information or to find an Amundi office near you.

    Follow us on            

    Press contact:Investor contacts:
    Natacha AndermahrAnthony Mellor  Thomas Lapeyre
    Tel. +33 1 76 37 86 05 Tel. +33 1 76 32 17 16  Tel. +33 1 76 33 70 54
    natacha.andermahr-sharp@amundi.comanthony.mellor@amundi.com thomas.lapeyre@amundi.com


    This document may contain projections concerning Amundi's financial situation and results. The figures given do not constitute a "forecast" as defined in Article 2.10 of Commission Regulation (EC) No. 809/2004 of 29 April 2004.

    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 as adopted by the European Union and applicable as of this date. Statutory auditors are carrying out audit procedures on the consolidated financial statements for 2018.

    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] After integration costs and amortisation of distribution contracts

    [2] Before integration costs and amortisation of distribution contracts

    [3] Growth rate calculated based on 2017 adjusted and combined net income excluding the exceptionally high level of financial income

    [4] Inflows include assets under management, under advisory and assets sold, 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

    [5] MLT : Medium Long-term assets: excluding treasury products

    [6] Financial revenues in Q4 2017 included capital gains on disposals, and Mark to Market was negative in Q4 2018 due to the decline in the markets

    [7] Accretion target announced on 12/12/2016, including the full-year effect of synergies and excluding integration costs and amortisation of distribution contracts

    [8] Comparison with combined 2017 data: 12 months Amundi + 12 months Pioneer

    [9] Growth rate calculated based on 2017 adjusted and combined net income excluding the exceptional level of financial income

    [10] Accounting income includes amortisation of distribution contracts and costs associated with the integration of Pioneer. In 2017, Pioneer was consolidated for only six months

    [11] Excluding amortisation of distribution contracts and excluding costs associated with the integration of Pioneer

    [12]Excluding amortisation of distribution contracts (UniCredit, SG, and Bawag) 

    [13] Average margin: net asset management revenue (excluding performance fees)/average assets under management excluding JVs

    [14] Excluding costs associated with the integration of Pioneer

    [15] MLT : Medium Long-Term assets: excluding treasury products

    [16] Including the €6.5bn in assets reinternalised by Fineco in Q3 2018

    [17] Source: Amundi and Broadridge Financial Solutions - FundFile & Deutsche Bank ETF /Open funds (excluding discretionary mandates and dedicated funds) at the end of December 2018

    [18] Excluding JVs

    [19] Source: DB ETF Monthly Review & Outlook, end-December 2018

    [20] Excluding the €6.5bn in assets reinternalised by Fineco in Q3 2018

    [21] Tangible equity: Group share of equity net of goodwill and intangible

    [22] Source IPE "Top 400 asset managers" published in June 2018 and based on AUM as of end December 2017

    [23]Amundi figures as of December 31, 2018

    [24]Investment hubs: Boston, Dublin, London, Milan, Paris and Tokyo

    PR AMundi results FY 2018

    This announcement is distributed by West Corporation on behalf of West Corporation clients.

    The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

    Source: Amundi via Globenewswire

    This article appears in: News Headlines

    Referenced Stocks: AMUN

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