Amundi: Q1 2022 Results
Amundi: Q1 2022 Results
A solid quarter
in a less
favourable environment
Robust inflows1
in MLT2
assets excl. JVs (+€21bn), particularly in
Retail
Net income up +5% vs. Q1
20213,
4
Business activity |
- Robust business activity
driven by Retail and by the main
areas of expertise
- Inflows of +€21bn in MLT
assets5, +€8bn in JVs and
outflows from treasury products
(-€26bn)
- Amundi continued
to develop despite the market
environment and the international crisis
- AuM of
€2,021bn as of
31/03/2022, up +15% year-on-year
|
Results |
- Growth in
adjusted net income of
+5% vs. Q1 20214, in particular
thanks to the Lyxor
integration
- Increase in asset
management revenues (+8.7% vs. Q1
20214), driven by
strong inflows over
several quarters, amplified by Lyxor
integration and market growth over the
year
- Excellent operational
efficiency maintained (cost/income ratio3
4 of 50.6% in Q1 2022)
|
Lyxor |
- Excellent business
momentum
- Integration
in line with the roadmap
- Successful start to the
first IT migration projects
|
Responsible Investment6 |
- Inflows of
+€9bn in MLT7
assets
- AuM of €834bn at the end of
March 2022
|
Russia/Ukraine |
- A very limited
impact
- Non-material client exposure
- Very low exposure to Russian and
Ukrainian assets
- Strict application of European and
international sanctions
|
Paris, 29 April 2022
Amundi’s Board of Directors, chaired by Yves
Perrier, convened on 28 April 2022 to review the financial
statements for the first quarter of 2022.
Commenting on the figures, Valérie Baudson, CEO,
said:
“In a more difficult backdrop due to increased
market volatility and the conflict in Ukraine, Amundi has had a
solid quarter thanks to robust inflows in medium- and long-term
assets, driven by the majority of our areas of expertise and our
different customer segments. The acquisition of Lyxor is paying off
with solid business momentum in passive management.
The increase in our earnings and high level of
operational efficiency shows that our diversified model is
resilient and our strategic choices are appropriate”.
I. Robust business
activity, driven by Retail and by
the main areas of
expertiseInflows8
of +€21bn in MLT9 assets
excl. JVs
Despite a less favourable backdrop, the
quarter was characterised by robust inflows
in MLT assets, especially in
Retail. In the JVs, business activity was solid (+€8.4bn), mainly
in India and China.
To be note, however, there has been a sharp
slowdown since the outbreak of the war in Ukraine.
Overall, given the outflows from treasury
products (+€26.3bn excl. JVs) and a negative market effect
(-€46.4bn), Amundi’s assets under management totalled €2,021bn as
of 31 March 2022, up +15.1% year-on-year10 and down -2.1% vs. the
end of December 202111.
Net flows in
MLT assets (excl. JVs) totalled €21.0bn this quarter,
despite the crisis in Ukraine:
- Retail: solid activity
(+€14.4bn), particularly with third-party
distributors
Inflows were once again robust,
driven by all customer segments, in particular third-party
distributors (+€10.8bn) and both active and passive
management, and occurred mainly in Europe (Italy, Spain, United
Kingdom, Germany). In the international networks
(+€1.3bn excl. BOC WM), inflows remained steady,
especially in Italy and Germany. In the French
networks, activity stood at a good level in MLT assets
(+€1.3bn) but was offset by continued outflows from structured
products.
Amundi’s Chinese subsidiary BOC Wealth
Management continued to post robust figures early this
quarter (+€2.3bn), bringing AuM to over €13bn. However, business
slowed substantially in March, partly due to the first maturities
of funds launched last year, and also due to the new market
environment and health crisis in China.
-
Institutionals: positive
flows (+€6.6bn) and treasury product outflows
This quarter was characterised by solid inflows
in MLT assets (active and passive management, real assets, ESG
solutions), mainly driven by Institutionals and Sovereign clients
(for instance new Green, Social and Sustainable bonds mandates won
in Germany and Japan, new OCIO12 client in Ireland, new client in
passive in Israel), as well as CA and SG Insurers.
- High inflows
in MLT assets were driven by most areas of
expertise:
- Passive
management had an excellent first quarter with +€10.6bn in net
inflows, bringing AuM to €309bn at end-March 2022. With
+€8,8bn in ETF inflows, Amundi is ranked no. 2 in terms of European
inflows13 with a market share of 22%. This excellent business
momentum is primarily the result of a stronger product range thanks
to the acquisition of Lyxor. In total, ETF assets were €191bn at 31
March 2022. Amundi is the number one European player in this area
and confirms its leadership with a market share of 14.1%13.
- Active
management saw high inflows (+€9.1bn), especially in
multi-asset management, with the acquisition of major new clients.
Fund performance remained solid, with over 80% of assets in
open-ended funds in the top two quartiles for their three-year
performance14.
- Growth in
Real and Alternative Assets continued, with +€2.6bn in net
inflows driven by all areas of expertise (Private Equity, Private
Debt, Liquid Alternatives, Real Estate). Assets under management
totalled €93bn at the end of March 2022.
Good business momentum in the JVs
(+€8.4bn)
The Indian JV continued its
growth momentum with high inflows (+€3.6bn), leading to a gain in
market share (from 16.4% to 16.9%15). SBI FM is thereby confirming
its leadership in India.
In China (ABC-CA), business
activity was also robust with flows remaining solid at +€3.6bn
(excluding -€0.7bn in outflows from low margin Channel Business
products).
II. Adjusted
net income16 up
+5%17 vs. Q1 2021
Amundi maintained a good level of
adjusted net income (€324m) in the first quarter of 2022,
in a less
favourable environment. This growth was
driven by the scope effect (consolidation of Lyxor as of Q1 2022)
as well as a sharp increase in revenues and continued excellent
operational efficiency (cost/income ratio of
50.6%16).
Net revenues (excluding financial
income)18 were up
sharply:
- The sharp growth in
net management fees compared to Q1 2021’s reported
figure (+16.3%) was driven by the trend in inflows over the last
several quarters, and further bolstered by the consolidation of
Lyxor and market growth (+8.6% Q1/Q1 for the Eurostoxx average);
growth remains very high (+9.2%) compared to the Amundi and Lyxor
combined figures for Q1 2021.
- Performance
fees remained high (€71m vs. €111m in Q1 2021 and €70m in
Q4 2021) and are in the process of normalising.
- Amundi
Technology’s revenues (which are now reported in the
income statement) increased 37.8% vs Q1 2021, confirming its growth
(42 clients as of the end of March, particularly with a new
robo-advisor solution developed at ALTO W&D19).
Operating
expenses16 were under
control (€423m, up 3.4% vs. Q1 2021 combined). As
a result, the adjusted cost/income
ratio16 was very
good and stood at 50.6%. Normalised20 for performance
fees, the cost/income ratio (51.8% in Q1 2022) is almost stable
compared to Q1 2021.
Given the strong activity of the
equity-accounted companies (mainly the Asian joint
ventures), their contribution to income increased to €20m vs. €18m
in Q1 2022.
III. Other
information
General Meeting and dividend
Amundi’s Ordinary General Meeting will be held
on 18 May at 9:30 a.m. As already announced, the Board of
Directors will propose a cash dividend of €4.10 per share at the
General Meeting. This dividend represents a payout ratio of 65% of
2021 accounting net income Group share21 and a 7.1% return based on
the share price at 26 April 2022 (at market close).
- Detachment: 23 May 2022
- Payout: as from 25 May 2022
Financial disclosure schedule
- AGM for the 2021 financial year: 18
May 2022
- Publication of H1 2022 results: 29
July 2022
- Publication of 9M 2022 results: 28
October 2022
***
Income Statements
|
Q1 2022 |
|
Q1 2021(excl. Lyxor) |
|
Chg. Q1/Q1 |
|
Chg. Q1/Q1 combined2 |
|
Q4 2021(excl. Lyxor) |
|
Chg. Q1/Q4 |
|
Chg. Q1/Q4 combined2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue 1 |
835 |
|
770 |
|
8.4% |
|
2.6% |
|
794 |
|
5.1% |
|
-2.0% |
Net asset management revenue |
837 |
|
770 |
|
8.7% |
|
2.8% |
|
789 |
|
6.0% |
|
-1.3% |
o/w net management fees |
766 |
|
658 |
|
16.3% |
|
9.2% |
|
719 |
|
6.5% |
|
-0.7% |
o/w performance fees |
71 |
|
111 |
|
-36.2% |
|
-37.3% |
|
70 |
|
1.2% |
|
-7.6% |
Amundi Technology revenues |
10 |
|
7 |
|
37.8% |
|
37.8% |
|
9 |
|
9.9% |
|
9.9% |
Net financial income and other net income |
(12) |
|
(7) |
|
- |
|
- |
|
(4) |
|
- |
|
- |
Operating expenses 1 |
(423) |
|
(376) |
|
12.5% |
|
3.4% |
|
(388) |
|
9.0% |
|
-1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income 1 |
412 |
|
394 |
|
4.5% |
|
1.8% |
|
406 |
|
1.5% |
|
-2.5% |
Cost of risk & Other |
(4) |
|
(2) |
|
- |
|
- |
|
1 |
|
- |
|
- |
Equity-accounted entities |
20 |
|
18 |
|
11.5% |
|
11.5% |
|
21 |
|
-7.0% |
|
-7.0% |
Adjusted income before taxes 1 |
428 |
|
410 |
|
4.5% |
|
2.0% |
|
429 |
|
0.0% |
|
-3.7% |
Corporate tax 1 2 |
(103) |
|
(103) |
|
-0.6% |
|
-3.7% |
|
(99) |
|
4.2% |
|
-0.5% |
Minority interests |
(1) |
|
2 |
|
- |
|
- |
|
(1) |
|
-3.2% |
|
-3.2% |
Adjusted net income, Group share 1 |
324 |
|
309 |
|
5.0% |
|
2.8% |
|
328 |
|
-1.3% |
|
-4.6% |
Amortisation of intangible assets after tax |
(15) |
|
(12) |
|
20.5% |
|
25.1% |
|
(12) |
|
- |
|
- |
Integration costs net of tax |
(8) |
|
- |
|
- |
|
- |
|
(12) |
|
- |
|
- |
Net income, Group share |
302 |
|
297 |
|
1.9% |
|
-0.6% |
|
304 |
|
-0.8% |
|
-4.5% |
1. Adjusted data: excluding amortisation of
intangible assets and integration
costs 2. Combined
data: Amundi + Lyxor
Change in assets under
management1 from end-December
2020 to end-March 2022
|
(€bn) |
Assets under management |
Netinflows |
Market andforex effect |
Scope effect |
|
Change in AuM vs. previous quarter |
At 31/12/2020 |
1,729 |
|
|
|
|
+4.0% |
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
At 31/03/2021 |
1,755 |
|
|
|
|
+1.5% |
Q2 2021 |
|
+7.2 |
+31.4 |
|
/ |
|
At 30/06/2021 |
1,794 |
|
|
|
/ |
+2.2% |
Q3 2021 |
|
+0.2 |
+17.0 |
|
/ |
|
At 30/09/2021 |
1,811 |
|
|
|
/ |
+1.0% |
Q4 2021 |
|
+65.6 |
+39.1 |
|
+14822 |
|
At 31/12/2021 |
2,064 |
|
|
|
/ |
|
Q1 2022 |
|
+3.2 |
-46.4 |
|
/ |
-2.1% |
At 31/03/2022 |
2,021 |
|
|
|
/ |
|
1. AuM (including Lyxor from 31/12/2021) and net
inflows (including Lyxor only in Q1 2022) include assets under
advisory and assets marketed and take into account 100% of the
Asian JVs’ assets under management and net inflows. For Wafa in
Morocco, assets are reported on a proportional consolidation
basis.
Assets under management and net inflows
by client segment1
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
(€bn) |
31/03/2022 |
31/03/2021 |
vs. 31/03/2021 |
Q1 2022 |
Q4 2021 |
Q1 2021 |
French networks |
122 |
121 |
1.0% |
-1.3 |
+3.6 |
+0.4 |
International networks |
172 |
151 |
14.0% |
+3.5 |
+5.1 |
+2.7 |
o/w Amundi BOC WM |
13 |
1 |
NS |
+2.3 |
+3.3 |
+0.9 |
Third-party distributors |
322 |
196 |
64.5% |
+11.9 |
+11.3 |
+4.3 |
Retail (excl. JVs) |
617 |
468 |
31.8% |
+14.1 |
+19.9 |
+7.4 |
Institutionals2 & sovereigns |
476 |
413 |
15.3% |
-3.0 |
+5.5 |
-10.7 |
Corporates |
95 |
89 |
6.2% |
-13.4 |
+14.9 |
-6.7 |
Employee Savings |
75 |
71 |
6.0% |
-1.3 |
+0.1 |
+0.0 |
CA & SG insurers |
462 |
466 |
-0.9% |
-1.7 |
-0.3 |
+1.1 |
Institutionals |
1,108 |
1,039 |
6.6% |
-19.4 |
+20.2 |
-16.2 |
JVs |
296 |
248 |
19.2% |
+8.4 |
+25.5 |
-4.0 |
|
|
|
|
|
|
|
TOTAL |
2,021 |
1,755 |
15.1% |
+3.2 |
+65.6 |
-12.7 |
Note: Q1 2022 and 31/03/2022: data for Amundi +
Lyxor combined; Q1 and Q4 2021 and 31/03/2021: data for Amundi
only
1. Assets under management (including Lyxor as
of 31/12/2021) and Inflows (including Lyxor in Q1 2022 only)
include assets under advisory and assets sold and take into account
100% of the Asian JVs’ inflows and assets under management. For
Wafa in Morocco, assets are reported on a proportional
consolidation basis. 2. Including funds of funds.
Assets under management and net inflows
by asset class1
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
(€bn) |
31/03/2022 |
31/03/2021 |
vs. 31/03/2021 |
Q1 2022 |
Q4 2021 |
Q1 2021 |
Active management |
1,117 |
1,036 |
7.8% |
9.1 |
20.0 |
5.9 |
Equities |
183 |
163 |
12.4% |
-0.7 |
5.3 |
2.0 |
Multi-asset |
321 |
269 |
19.6% |
11.0 |
8.7 |
5.5 |
Bonds |
612 |
604 |
1.4% |
-1.2 |
6.0 |
-1.6 |
Structured products |
32 |
37 |
-14.5% |
-1.2 |
-1.7 |
0.2 |
Passive management |
309 |
171 |
80.4% |
10.6 |
9.5 |
2.3 |
Real and alternative assets |
93 |
58 |
60.4% |
2.6 |
1.2 |
1.4 |
MLT assets |
1,551 |
1,302 |
19.1% |
21.0 |
1.2 |
9.8 |
Treasury products |
174 |
205 |
-15.1% |
-26.3 |
1.2 |
-18.6 |
JVs |
296 |
248 |
19.2% |
8.4 |
1.2 |
-4.0 |
TOTAL |
2021 |
1,755 |
15.1% |
3.2 |
1.2 |
-12.7 |
Note: Q1 2022 and 31/03/2022: data for Amundi +
Lyxor combined; Q1 and Q4 2021 and 31/03/2021: data for Amundi
only
1. Assets under management (including Lyxor as
of 31/12/2021) and Inflows (including Lyxor in Q1 2022 only)
include assets under advisory and assets sold and take into account
100% of the Asian JVs’ inflows and assets under management. For
Wafa in Morocco, assets are reported on a proportional
consolidation basis.
Assets under management and net inflows
by geographic segment1
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
(€bn) |
31/03/2022 |
31/03/2021 |
vs. 31/03/2021 |
Q1 2022 |
Q4 2021 |
Q1 2021 |
France |
948 |
927 |
2.3% |
-22.8 |
10.1 |
-15.7 |
Italy |
209 |
185 |
12.8% |
3.8 |
5.2 |
3.2 |
Europe excl. France and Italy |
350 |
233 |
50.3% |
8.7 |
15.0 |
2.6 |
Asia |
386 |
311 |
23.9% |
14.2 |
33.7 |
-1.5 |
Rest of world |
128 |
99 |
28.6% |
-0.7 |
1.6 |
-1.4 |
TOTAL |
2,021 |
1,755 |
15.1% |
3.2 |
65.6 |
-12.7 |
TOTAL excl. France |
1,072 |
829 |
29.4% |
26.0 |
55.5 |
3.0 |
Note: Q1 2022 and 31/03/2022: data for Amundi +
Lyxor combined; Q1 and Q4 2021 and 31/03/2021: data for Amundi
only
1. AuM (including Lyxor from 31/12/2021) and net
inflows (including Lyxor only in Q1 2022) include assets under
advisory and assets marketed and take into account 100% of the
Asian JVs’ assets under management and net inflows. For Wafa in
Morocco, assets are reported on a proportional consolidation
basis.
Methodology
appendix
I. Accounting and adjusted
dataAccounting dataFor the first three months of 2021 and
2022, data after amortisation of intangible assets (distribution
agreements with Bawag, UniCredit and Banco Sabadell; Lyxor client
contracts); and after the integration costs related to
Lyxor.Adjusted data To present an income statement that is closer
to the economic reality, the following adjustments have been made:
restatement of amortisation of intangible assets (deducted from net
revenues); the integration costs related to Lyxor.
In the accounting data, amortisation of intangible
assets:
- Q1 2021: €17m before tax and €12m
after tax
- Q1 2022: €20m before tax and €15m
after tax
In the accounting data, integration costs related
to Lyxor:
- Q1 2021: 0
- Q1 2022: €10m before tax and €8m after
tax
Acquisition of Lyxor
In accordance with IFRS 3, recognition on
Amundi’s balance sheet as of 31/12/2021 of:
- goodwill in the
amount of €652m;
- an intangible
asset, representing client contracts, of €40m before tax (€30m
after tax), which will be amortised on a straight-line basis over 3
years;
In the Group income statement, the
above-mentioned intangible asset is amortised on a straight-line
basis over 3 years starting in 2022; the full-year impact of this
amortisation is €10m net of tax (i.e. €13m before tax). This
amortisation is recognised as a deduction from net income and is
added to the existing amortisation of distribution agreements.
II. Alternative Performance
Indicators23To present an income statement that is closer
to the economic reality, Amundi publishes adjusted data which
excludes amortisation of the intangible assets and the integration
costs related to Lyxor.These combined and adjusted data are
reconciled with accounting data as follows:accounting dataadjusted
data
€m |
|
Q1 2022 |
|
Q4 2021 |
|
Q1 2021 |
|
|
|
|
|
|
|
Net revenues (a) |
|
814 |
|
777 |
|
753 |
+ Amortisation of intangible assets before tax |
|
20 |
|
17 |
|
17 |
Adjusted net revenues (b) |
|
835 |
|
794 |
|
770 |
|
|
|
|
|
|
|
Operating expenses (c) |
|
-433 |
|
-404 |
|
-376 |
+ Integration costs before tax |
|
10 |
|
16 |
|
|
Adjusted operating expenses
(d) |
|
-423 |
|
-388 |
|
-376 |
|
|
|
|
|
|
|
Gross operating income (e) = (a)+(c) |
|
382 |
|
373 |
|
377 |
|
|
|
|
|
|
|
Adjusted gross operating income (f) =
(b)+(d) |
|
412 |
|
406 |
|
394 |
Cost/Income ratio (c)/(a) |
|
53.1% |
|
52.0% |
|
49.9% |
Adjusted cost/income ratio (d)/(b) |
|
50.6% |
|
48.8% |
|
48.8% |
Cost of risk & Other (g) |
|
-4 |
|
1 |
|
-2 |
Equity-accounted entities (h) |
|
20 |
|
21 |
|
18 |
Income before tax (i) = (e)+(g)+(h) |
|
398 |
|
396 |
|
393 |
|
|
|
|
|
|
|
Adjusted income before tax (j) = (f)+(g)+(h) |
|
428 |
|
429 |
|
410 |
Taxes (k) |
|
-94 |
|
-90 |
|
-99 |
Adjusted taxes (l) |
|
-103 |
|
-99 |
|
-103 |
Minority interests (m) |
|
-1 |
|
-1 |
|
2 |
Net income, Group share (n)= (i)+(k)+(m)-(p) |
|
302 |
|
304 |
|
297 |
|
|
|
|
|
|
|
Adjusted net income, Group share (o) =
(j)+(l)+(m) |
|
324 |
|
328 |
|
309 |
About AmundiAmundi, the leading
European asset manager, ranking among the top 10 global players24,
offers its 100 million clients - retail, institutional and
corporate - a complete range of savings and investment solutions in
active and passive management, in traditional or real assets.
With its six international investment hubs25,
financial and extra-financial research capabilities and
long-standing commitment to responsible investment, Amundi is a key
player in the asset management landscape.
Amundi clients benefit from the expertise and
advice of 5,300 employees in 35 countries. A subsidiary of the
Crédit Agricole group and listed on the stock exchange, Amundi
currently manages more than €2.0 trillion of assets26.
Amundi, a trusted partner, working every
day in the interest of its clients and society.
www.amundi.com
Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr-sharp@amundi.com
Nathalie Boschat
Tel. +33 1 76 37 54 96
nathalie.boschat@amundi.com
Investor contacts:
Anthony Mellor
Tel. +33 1 76 32 17 16
anthony.mellor@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
DISCLAIMER:
This presentation may contain projections
concerning Amundi's financial situation and results. The figures
provided do not constitute a “forecast” as defined in Commission
Delegated Regulation (EU) 2019/980.
This information is based on scenarios that
employ a number of economic assumptions in a given competitive and
regulatory context. As such, the projections and results indicated
may not necessarily come to pass due to unforeseeable
circumstances. The reader should take all of these uncertainties
and risks into consideration before forming their own opinion.
The figures presented were prepared in
accordance with IFRS guidelines as adopted by the European Union.
Figures were unaudited, Data including Lyxor is estimated (with
assumptions regarding the exclusion of certain activities retained
by SG).
The information contained in this presentation,
to the extent that it relates to parties other than Amundi or comes
from external sources, has not been independently verified, and no
representation or warranty has been expressed as to, nor should any
reliance be placed on, the fairness, accuracy, correctness or
completeness of the information or opinions contained herein.
Neither Amundi nor its representatives can be held liable for any
negligence or loss that may result from the use of this
presentation or its contents, or anything related to them, or any
document or information to which the presentation may refer.
1 Assets under management (including Lyxor as of
31/12/2021) and net inflows (including Lyxor in Q1 2022 only)
include assets under advisory and assets sold and take into account
100% of the Asian JVs’ inflows and assets under management. For
Wafa in Morocco, assets are reported on a proportional
consolidation basis.2 Medium/Long-Term Assets: excluding treasury
products3Adjusted data: excluding amortisation of intangible assets
and excluding integration costs. See page 6 for definitions and
methodology. 4 Change from Q1 2021 reported data, excluding Lyxor5
Excl. JVs6 See glossary in Amundi’s 2021 Universal Registration
Document 7 Excl. insurer mandates8 Assets under management
(including Lyxor as of 31/12/2021) and net inflows (including Lyxor
in Q1 2022 only) include assets under advisory and assets sold and
take into account 100% of the Asian JVs’ inflows and assets under
management. For Wafa in Morocco, assets are reported on a
proportional consolidation basis.9 Medium/Long-Term Assets:
excluding treasury products10 Compared to 31 March 2021 excl.
Lyxor.11 Including Lyxor AuM.12 Outsourced Chief Investment Officer
solutions13 Source: ETF GI, end of March 2022 14 Source:
Morningstar Direct, Broadridge FundFile - Open-ended funds and ETFs
worldwide, March 202215 Source: AMFI. Market share at end-December
2021 and end-March 2022.16Adjusted data: excluding amortisation of
intangible assets and excluding integration costs. See page 6 for
definitions and methodology. 17 Change from Q1 reported data,
excluding Lyxor18 Net revenues excluding financial income and other
net income, including asset management revenues and revenues from
Amundi Technology which are now isolated on a specific line.19
Wealth & Distribution20 Cost/income ratio (in %) excluding
exceptional performance fees (= higher-than-average performance
fees per quarter in 2017-2020). 21 Excluding Affrancamento and
Lyxor integration costs22 Lyxor23 Please refer to section 4.3 of
the 2021 Universal Registration Document filed with the French AMF
on 12/04/2022
24 Source: IPE “Top 500 Asset Managers”
published in June 2021, based on assets under management as at
31/12/202025 Boston, Dublin, London, Milan, Paris and Tokyo26
Amundi data including Lyxor as at 31/03/2022
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