12/11/2010
Amundi registered net inflows of EUR2.1bn in 9 months
In the first 9 months of 2010, Amundi (the asset managament unit of Crédit Agricole, including BFT Gestion) registered net new inflows of EUR2.1 billion, « driven mainly by institutional investors, strong sales in the branch networks of high value-added products (mainly guaranteed funds), and the successful launch of ETFs initiated 18 months ago (AUM of 5 billion euros at 30 September 2010). In addition, the market effect contributed 18.9 billion euros over the same period », says Crédit Agricole in a press release. These elements resulted in a rise of the AUM by 6.9% year-on-year in the first nine months to 710 billion euros. On a like-for-like basis and excluding restructuring costs, Amundi’s net banking income rose by 11.6% between September 2009 and September 2010, to 1,160 million euros (including 385 million euros for the third quarter 2010 on the same basis). Together with tightly controlled costs, which rose by only 1.6% excluding restructuring costs, this resulted in a 26.1% rise in Amundi’s gross operating income over the same period, which amounted to 535 million euros in the first nine months on a like-for-like basis excluding restructuring costs (including 176 million euros in the third quarter). Excluding restructuring costs, the cost/income ratio shrank by 5.3 percentage points over the period to 53.9% at 30 September 2010 on a like-for-like basis. After taking into account 71.1 million euros in restructuring costs since January 2010 (of which 14.4 million euros in the third quarter), net income for Asset management was almost 309 million euros in the first nine months of 2010 (up 8.8% year-on-year on a like-for-like basis) and over 113 million euros in the third quarter.
