Thu, 21/02/2013 - 06:10
Amundi, Credit Agricole’s asset management division, registered a solid level of business in 2012 with net new inflows of EUR15.2bn driven by institutional customers, employee savings and third-party distributors.
New inflows excluding branch networks were EUR26bn in 2012, with EUR18.8bn in the institutional and corporate segment, and EUR2bn in the third-party distributor segment, primarily in Europe outside France.
Inflows into employee savings schemes came to EUR5.2bn.
Outflows from branch networks (-EUR10.8bn over the year) slowed sharply in the fourth quarter, confirming the reversal in the trend that began in the summer.
After a market and currency impact of +EUR53.6bn, assets under management amounted to EUR727.4bn at 31 December 2012, a rise of 10.4 per cent by comparison with end-December 2011.
Amundi continued to strengthen its competitive position during the year and boosted its market shares appreciably. Its market share in mutual funds distributed in France rose by 1.9 points over 2012 to 26.1 per cent. In Europe, Amundi is number one in money market products, where it controls 12.2 per cent of the market, and in guaranteed products, with 15.5 per cent of the market. It has also confirmed its position as number one in employee savings schemes in France with over 40 per cent of the market.
Amundi's results remained high in 2012. Over the year, its net income rose by 16.2 per cent to EUR480m. High performance-based commissions (EUR166m compared with EUR72m in 2011) offset the contraction in margins. Expenses remained tightly controlled: they fell by 1.4 per cent over the year, and by 2.3 per cent excluding the effect of the latest tax measures. Gross operating income rose by 12.2 per cent to EUR689m, or by 2.4 per cent excluding the disposal of Hamilton Lane at the beginning of the year. The cost/income ratio improved, contracting by 0.9 percentage point to 55.0 per cent.
In the fourth quarter of 2012, gross operating income moved up 4.5 per cent year-on-year to EUR161m and net income rose by 30.3 per cent to EUR111m. Revenues grew by 6.8 per cent owing to a high level of performance- based commissions. Expenses increased by 8.9 per cent, due mainly to the effect of tax measures.
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