Healthy inflows of +€17bn, net income, up +6% Q1/Q1
Net income Growth
High level of adjusted net income[1],[2] Q1 2024: €318m, +5.9% Q1/Q1
- Driven by the growth of net management fees: +4.0% Q1/Q1
- Combined with cost control
- Cost-income ratio of 53.3%,[2], at the best level in the industry
High & Diversified Net inflows
Record level assets under management: €2,116bn as of 31 March 2024, +9.4% year-on-year
Net inflows Q1 2024: +€16.6bn
- Balanced by main client segments, expertise and geographies
- Positive in active management, driven by bond solutions
Continuing Development
Development in line with the priorities of the 2025 Strategic Ambitions plan:
- Third party Distribution: net inflows +€7bn
- Passive management: +€5.0bn of inflows in ETFs
- Asia: AuM of €422bn, +6% over the quarter, very diversified inflows between the main countries of the zone
- Technology & services: Amundi Technology revenue +36% Q1/Q1, 61 clients (+4 in Q1)
Two Value-creating Operations
Closing on 2 April, ahead of schedule, of the acquisition of Alpha Associates, a specialist in the multi-management of private assets (private debt, infrastructures, private equity)
Signing on April 15 of a strategic partnership memorandum of understanding[3] in the US with Victory Capital
The Board of Directors of Amundi met on 25 April 2024 under the chairmanship of Philippe Brassac and approved the financial statements for the first quarter of 2024.
We had a particularly intense start to the year, both in terms of sales momentum and the development according to our strategic priorities. We were able to combine organic and external growth, in line with our 2025 Strategic Ambitions plan.
Our net inflows, which reached +€17 billion, are very balanced across the main client segments, expertise and geographies. This shows the good positioning of our range of solutions, which allows us to respond effectively to the needs of our clients. Our assets under management reached their highest level ever, at more than €2,100bn.
This activity is also reflected in our profitability: the net income, for the first quarter, at €318m, is up +6% year-on-year, driven by the increase of our net management fees and the control of our costs.
Finally, two external growth operations that are significant for our future development mark the beginning of the year. The acquisition of Alpha Associates is now finalised, three months ahead of schedule. Starting in the second quarter, our clients will therefore benefit from new high-performance solutions in the multi-management of private assets. Secondly, the partnership with the US manager Victory Capital will strengthen our presence in the United States and our US asset management expertise. It also brings strong value creation for our clients and our shareholders.
These initiatives, combined with our sustained organic investments, are promising for our future business and results.
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[1] Net income (Group share)
[2] Adjusted data: excluding amortisation of intangible assets (see note p. 8)
[3] Non-binding Memorandum of Understanding at this stage, subject to due diligence and negotiation of final agreements. Final agreements will be subject to the usual finalisation conditions and regulatory approvals. There is no guarantee that the parties will reach an agreement on the final documents and, if they are concluded, that the transactions will be carried out.
