French asset manager Amundi, owned by Credit Agricole, has reported assets under management (AuM) of €1.6trn at the end of Q4 2019, a 16% increase from €1.4trn a year earlier.
The growth was driven by £76.8bn in inflows in Q4. This includes inflows of £59.6bn in Q4 2019 from a pension fund mandate at the Indian joint venture of the firm.
Amundi registered net income group share of €262m in Q4 2019, a 36% jump from €192m in the same quarter of 2018.
The company’s adjusted net income group share soared 22% to €274m from €225m over the period.
Adjusted net revenue increased 16% to €719m from €620m.
Adjusted gross operating income of €357m was 21% higher than the previous year.
Adjusted operating expenses increased 11% year-on-year to €361m, driven by costs related to strategic projects in Spain and China.
In 2019, Amundi partnered with BOC Wealth Management – a Bank of China unit- to launch an asset management joint-venture.
Last month, the French asset manager announced the acquisition of Sabadell Asset Management, the asset management arm of Spanish lender Banco de Sabadell.
Amundi CEO Yves Perrier said: “Since its creation in 2010, and for the tenth year in a row, Amundi saw growth in its net income. Adjusted net income has risen above one billion euros, in line with the targets announced in the 2018-2022 plan.
“These excellent results are driven by high business activity and by greater operational efficiency: The cost-to-income ratio improved further, to 50.9%.”