Very good results in Q2 2021 in a highly favourable market context
Strong inflows[1] in MLT assets[2] (+€22bn)[3]
Results in Q2
- Net asset management revenues up +9.0% vs. Q1 2021, driven in particular by exceptionally high performance fees (€155m)
- Adjusted cost/income ratio of 45.7%1 (~50% excluding exceptional level of performance fees2)
- Adjusted net income4 of €345m (+11.9% vs. Q1 2021 and +48.3% vs. Q2 2020)
- Net accounting income3 of €448m including a one-off tax gain of €114m4
Business activity in Q2
- High inflows1 of +€21.7bn in MLT assets2,3 driven by active management (+€18.9bn3) and by all customer segments
- Seasonal outflows in treasury products3: -€17.0bn3
- Total net inflows of +€7.2bn
- AuM1 of €1,794bn at 30/06/2021, up +12.7% year-on-year (+2.2% for the quarter)
Lyxor
- Acquisition5 master agreement signed on 11 June, ahead of schedule
- Preparation for Lyxor's integration advancing at the expected pace
- Completion planned for the end of 2021
Amundi’s Board of Directors, chaired by Yves Perrier, convened on 29 July 2021 to review the financial statements for the second quarter of 2021.
Amundi posted very good financial and operating performance in the second quarter of 2021, driven by a growth momentum in all business lines, especially with buoyant inflows in MLT assets. The strong growth in net income was amplified by a very favourable market environment.
The recent strategic initiatives (the partnership with Banco Sabadell, the joint venture with Bank of China, and Amundi Technology) are starting to bear fruits. The acquisition of Lyxor, whose integration is being actively prepared, will be a new growth driver.
Such strong performances prove that Amundi's development strategy is relevant. Our Group has all the strengths needed to pursue its profitable growth trajectory
- Adjusted data: excluding amortisation of the distribution contracts and the impact of Affrancamento. See page 8 for definitions and methodology.
- Exceptional performance fees = difference compared to average performance fees per quarter in 2017-2020
- Accounting data: including amortisation of distribution contracts and, in Q2 and H1 2021, including the one-off tax gain (see below).
- One-off tax gain (net of substitution tax) of +€114m (no cash impact): “Affrancamento” mechanism in compliance with the Italian Budget Law for 2021 (Law No.178/2020), resulting in the recognition of Deferred Tax Assets on intangible assets (goodwill); item excluded from Adjusted Net Income.
- As a reminder (Press Release 07/04/2021): cash consideration of €825m, AuM of €124bn as of 31/12/2021 (transaction scope)
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