Wednesday 12 February 2020 3:16 pm

Amundi’s assets under management hit €1.65 trillion

Amundi’s assets under management (AUM) reached €1.65 trillion (£1.38 trillion) in 2019, with the French asset manager boosted by a record fourth quarter. 

Inflows hit a record £76.8bn during the fourth quarter, including £59.6bn received from a new pension fund mandate at Amundi’s Indian joint venture, it said. 

Read more: There are more funds run by Daves than by women

Net inflows for the entire year were €107.7bn, or €23.8bn excluding the company’s joint ventures — up more than half from €15.7bn in 2018.

The asset manager’s adjusted net income for the year rose 6.6 per cent to just over €1bn, with income in the fourth quarter rising to €262m. 

Amundi’s revenues from management and performance fees for the year increased 16 per cent to €719m, while it posted a 16 per cent rise in AUM at the end of the year. 

“Since its creation in 2010, and for the tenth year in a row, Amundi saw growth in its net income,” said chief executive Yves Perrier.

“These excellent results are driven by high business activity and by greater operational efficiency: The cost-to-income ratio improved further, to 50.9 per cent,” he continued. 

Amundi has been on an acquisition spree since its initial public offering in 2015, and effectively buying up the asset management businesses of Unicredit Pioneer and Sabadell, while also launching joint ventures in India and China. 

The asset manager said that it had secured approval from Chinese regulators in late December for the creation of a joint venture with Bank of China Wealth Management.

Read more: Softbank profit plunges 99 per cent on heavy Vision Fund losses

The initiative, which will launch in the second half of this year, comes on top of Amundi’s existing fund management joint venture with ABC, China’s third largest bank.

Amundi shares were trading 0.78 per cent up by mid-afternoon UK time.