Amundi attributed its growth in net income to an increase in management fees, together with cost control, and balance in net inflows to primary client segments, expertise, and geographies
Amundi headquarters in Paris. (Credit: Cheep88/Wikipedia)
Amundi has reported a net income of €318m or €1.48 per diluted share for the quarter ended 31 March 2024, a 6% rise compared to €300m or €1.40 per diluted share for the respective period in 2023.
The French asset manager reported net revenues of €824m for the first quarter (Q1) 2024, a 4% increase compared to €794m for the same quarter the previous year.
The company reported operating expenses of €439m for Q1 2024, a 3% rise compared to €425m for the same period in 2023.
It has reported an income before tax of €413m for Q1 2024, a 6% increase compared to €390m for the respective quarter in the previous year.
Amundi attributed the growth in net income to the rise in management fees, together with cost control, and balance in net inflows to primary client segments, expertise, and geographies.
Amundi CEO Valérie Baudson said: “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 +€17bn, 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.
Amundi’s retail business reported assets under management (AuM) of €647m for Q1 2024, an 11.9% rise compared to €578m for the same quarter in 2023.
Its institutions arm reported an AuM of €1.14bn for Q1 2024, a 6.9% increase compared to €1.06bn for the same period in the previous year.
The company’s JVs reported an AuM of €332m for Q1 2024, a 13.7% rise compared to €292m for the respective quarter in 2023.
Earlier this month, Amundi completed the acquisition of Alpha Associates, a specialist in the multi-management of private assets, ahead of schedule.
Recently, the company has signed a memorandum of understanding (MoU) with American financial services company Victory Capital, for a strategic partnership in the US.
Baudson added: “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.”